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Gold stays below 100-DMA, but above $1100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices remain above USD 1100/Oz levels on safe haven appeal, but trades just below the 100-DMA level of USD 1105.38.

    At 1-1/2 week highs

    The metal is trading at 1-1/2 week highs as it remains as the investors poured money into the yellow metal amid drop in oil and equity prices. Asian stocks and crude oil prices regained some lost ground on Thursday but sentiment remained fragile.

    The metal traders now await wait to see if the European bourses remain risk averse or tick higher in anticipation of a dovish comments from the ECB head later today.

    Gold Technical Levels

    The metal currently trades around USD 1104/Oz levels. A break above the previous day’s high of 1109.70 would open doors for a re-test of 1118.85 (50% of Oct high-Dec low). On the other hand, a break below 1100 could see the prices drop to 1095.26 (Jan 14 high).
    For more information, read our latest forex news.
     

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