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Gold retakes $1200 handle in Asia as stocks turn lower

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Gold prices quickly recovered from a minor dip below $1200 as the major Asian stock markets dipped ahead of the Fed minutes.

    Trades around hourly 50-MA

    Prices currently hover around the hourly 50-MA located at 1206 levels. The metal found bids around the hourly 200-MA of 1198 and resumed its bullish momentum after the Asian stocks erased early gains and fell into losses.

    The metal remains at the mercy of the equity market sentiment ahead of the Fed minutes release later today. It remains to be seen if the prices manage to take out and sustain above 1211.94 (23.6% of Dec low- Feb high).

    Gold Technical Levels

    The immediate hurdle is seen at 1224.23 (Apr 6 high), above which the prices could test 1232.41 (May 18 high). On the other hand, a breakdown of immediate support at 1200 could send prices back to 1191.57 (Oct 15 high).
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