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Gold revisits daily highs as USD index erases gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices rose back to trade around USD its daily high of USD 1153.07/Oz as the USD index erased moderate gains to trade unchanged on the day.

    Double top on 15-min chart?

    A turn lower form the current level of USD 1153/Oz would result in a double top formation on the 15-min chart with neckline support at USD 1146.91/Oz levels. The latest uptick in the prices appeared to have been triggered by the USD index, which erased gains to trade unchanged on the day at 95.52 levels.

    Ahead in the day, the focus is likely to be on the US stock markets. A continuation of the risk-on rally could restrict gains in the yellow metal.

    Gold Technical Levels

    Above USD 1153.00, the immediate resistance is seen at 1156.70 (Sept 24 high), followed by a major hurdle at 1169.99 (Aug 24 high) and 1200 levels. On the downside, a break below 100-DMA at 1143.25 would expose 1132.90 (Nov 2014 low) and 1121.50 (50-DMA).
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