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Gold slips, eyes hourly 200-MA support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices slipped in the US session and are inching closer to the hourly 200-MA located at USD 1068.10 levels.

    Gold drops as USD strengthens

    The uptick in the treasury yields improved the bid tone on the USD and pushed it 0.27% higher against the basket of the currencies. Consequently, the metal turned lower from the daily high of USD 1075.58/Oz levels.

    The yellow metal failed to sustain above 1080.48 (23.6% of Oct high-Dec low) for the last two trading sessions, opening doors for a drop today.

    Gold Technical Levels

    At USD 1070.50/Oz levels, the metal faces immediate resistance at 1073.74 (23.6% of 1047.67-1081.79), above which the gains could be extended to 1075.88 (hourly 200-MA) – 1080.48 (23.6% of Oct high-Dec low). On the other hand, a break below 1068.10 (hourly 200-MA+38.2% of 1047.67-1081.79), would expose 1058.41 (Dec 15 low).
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