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Gold rejected at 100-MA as USD strengthened

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices trimmed gains after facing rejection at USD 1138.21/Oz (100-DMA) as the USD advanced across the board in Europe.

    Four day losing streak

    The metal suffered losses for the four consecutive sessions and the USD strength could push the prices in the red for the fifth straight day today. The USD index recovered losses to trade moderately higher, which pushed gold and other metals lower.

    Ahead in the day, the US factory orders data could offer cues to the metal. Meanwhile, upbeat action in the US stock markets could also weigh over the metal.

    Gold Technical Levels

    At USD 1134.15/Oz, the immediate resistance is located at USD 1138.21 (50-DMA), above which the gains could be extended to 1149.08 (hourly 100-MA). On the other side, support is seen at 1132.90 (Nov 2014 low) and 1126.78 (Aug 13 high).
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