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Gold rises for a second day on weak China data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Gold prices advanced for a second day on the back of a moderate weakness in the USD index and due to a weaker-than-expected China official manufacturing PMI report.

    Rises above hourly 200-MA

    At USD 1072.10/Oz levels, the metal is trading slightly above the hourly 200-MA located at USD 1071.58/Oz levels. The prices received support from the China's official manufacturing purchasing managers index (PMI), which printed at 49.6 - slightly lower than October's 49.8.

    Meanwhile, the USD index cooled slightly to 100.12; down 0.15% on the day. The net effect was an uptick in Gold to an Asian session high of USD 1074.73/Oz levels.

    Gold Technical Levels

    The immediate resistance is seen at 1075 (Nov 26 high), above which the prices could test 1085.54 (23.6% of Oct 15 high-Nov 27 low). On the other hand, a failure to sustain above the hourly 200-MA at 1071.58 would expose 10-DMA at 1067.37.
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