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Gold surrenders gains after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold prices surrendered gains as USD strengthened after the data in the US showed a sharp rise in the durable goods orders in January.

    Nears hourly 100-MA support

    Prices neared hourly 100-MA located at $1224.30 levels. The data in the US showed orders for all durable goods rose 4.9%, bettering the estimated rise of 2.5% following Dec’s 5% drop. Consequently, the USD index erased losses to trade moderately positive on the day around 97.60 levels.

    Gold thus felt the heat of a strong USD and surrendered gains. Prices fell from $1235 levels to hourly 100-MA support. A minor rise in the weekly jobless claims went unnoticed as markets cheered durable goods figure.

    Gold Technical Levels

    The metal currently trades around $1226.50/Oz. The immediate support is seen at $1224.30 (hourly 100-MFor more information, read our latest forex news.
     

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