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Gold rises back above $1060

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Stocks failed to hold to gains in the US but commodities continue to recover. Gold bounced from multi-year lows and above $1060. It peaked during the American session at $1064.35. It remains near the highs, holding a bullish tone.

    In Wall Street, the Dow Jones is falling 0.22% while the Nadsaq drops 0.40%. The WTI barrel is gaining 1.30% while the value of the ounce is up by $5 from Friday’s closing price.

    Modest correction

    On Friday, gold bottomed at $1052.70/oz, the lowest level since 2010. During today’s Asian session it tested the lows but managed to hold on top and then recovered ground. So far the recovery has been limited and price has been unable to rise back above the key short-term resistance located between $1066 and $1070.

    Despite rising today, is still facing downside pressure ahead of Friday’s US jobs report and the FOMC meeting later in December.
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