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Gold surrenders gains as USD makes a comeback

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices surrendered gains in the US session as the USD recovered losses against the basket of currencies.

    Eyes Fed speak

    The metal traders now await Fed’s Ronsengren’s comments on the US economy. The policymakers had expressed some concerns over the labor market the last time he spoke. But after a strong October NFP report released on Friday, the odds of Rosengren hinting at a December rate hike are high.

    Meanwhile, the signs of risk aversion in the equities could offer support to the metal. At the moment, gold is trading around USD 1090/Oz levels.

    Gold Technical Levels

    The immediate resistance is seen at 1100, above which the prices could test 1109.43 (hourly 100-MA). On the other side, support is seen at 1089.18 (daily low) and 1085.44 (daily low), under which the losses could be extended to 1070 (July lows).
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