Gold strengthens amid risk-off in Europe

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The risk-off in Europe triggered a rise in demand for safety and quality, resulting in a moderate rise in Gold prices.

    Capped at Tuesday’s high

    Despite the risk-off, the upside in the metal is being capped around the Tuesday’s high of $1232.60 levels. Prices recovered from the low of $1221, tracking the oil driven slide in Asia and more importantly in Europe.

    The upside in the metal is also being capped by reports; India’s imports could have hit 2-year low in February. At the time of writing, the metal traded around $1228/Oz levels.

    Gold Technical Levels

    The immediate resistance is seen at 1232.60, above which prices could rise to 1240 (Feb 18 high). On the other hand, a break below 1220.23 (hourly 100-MA) would expose 1212 (23.6% of Dec low-Feb high).
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