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Gold surrendered gains on USD rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold surrendered moderate gains as USD strengthened across the board despite a weak US GDP release.

    On track for a monthly gain

    The metal appears on track to end the month higher on account of the flight to safety triggered by the risk aversion across the global markets. As of now the metal is trading around USD 1113.50/Oz levels.

    The USD index jumped reportedly in the month-end dollar demand, hence, the yellow metal failed to make any gains on a weaker GDP data. The dollar index currently trades 0.90% higher around 99.50 levels.

    Gold Technical Levels

    The immediate resistance is seen at 1118.85 (50% of Oct high – Dec low), above which prices could rise to 1128.12 (Jan 27 high). On the other hand, a break below 1108.20 (daily low) would open doors for a drop to 1105.24 (100-DMA).
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