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Gold revisits Friday’s high on flight to safety

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - A minor wave of flight to safety triggered by the risk-off in Europe, pushed Gold back near Friday’s high of USD 1174.50 levels.

    Fed not seen raising rates in 2016

    The metal is being supported by the low prospects of a Fed rate hike in 2016. As per the CME data, the markets do not see another 25 basis point hike in 2016. Moreover, the risk-off also pushes rate hike probability lower.

    Ahead in the day, the broader market should continue to guide the metal, since the economic calendar in Europe and US is empty.

    Gold Technical Levels

    The metal currently trades around USD 1172.50/Oz. The immediate resistance is seen at 1183.00 (Oct 28 high), above which prices could test 1191.57 (Oct 15 high). On the other hand, a break below 1163.80 (daily low), under which losses could be extended to 1157.22 (76.4% of Oct high-Dec low).
    For more information, read our latest forex news.

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