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Gold testing lows near $ 1107

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Gold prices remain pressured and now languish near multi-month lows as a broadly stronger greenback and firmer European equities continue to dampen the sentiment around the yellow metal.

    Gold: upside capped at 1110

    Currently, gold trades 0.14% higher at 1107.70, having tested 1106.50 lows on several occasions. Gold remains pressured as markets expect the upcoming Fed speaks to also shed fresh light on the Fed rate hike timings. While upbeat US jobs data would further exacerbate the pain in the bullion.

    More so, the renewed strength in the US dollar is keeping the price of the precious metal undermined as a stronger buck makes dollar-denominated assets more expensive in foreign currencies and hence, less attractive. The US dollar index edged 0.13% higher to 98.12, heading for a retest of fresh three-month peaks reached at 98.24.

    Gold Technical Levels

    The metal has an immediate resistance at 1113.50 (Sept 10 High) and 1119 (Oct 1 High). Meanwhile, the major support stands at 1105.80 (Oct 2 Low) below which doors could open for 1100/1098.20 (Psychological levels/ Sept 11 Low).
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