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Gold ticked higher ahead of US GDP release

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices strengthened ahead of the US GDP as investors brace up for a sharper slowdown in the economy in the fourth quarter.

    Eyes 50% Fib level

    Prices neared 1118.85 (50% of Oct high-Dec low) before trimming gains slightly to trade around USD 1116/Oz levels. The US data due in a few minutes is expected to show the economic growth cooled in the last quarter of 2015. The core PCE, which does not include volatile energy and food prices, is also expected to show a drop in inflation.

    The data could move the metal significantly if the markets make a significant adjustment to the Fed rate hike bets.

    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 1113.15 (Jan 8 high) would open doors for a drop to 1105.24 (100-DMA).
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