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Gold trades above hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold prices currently trade above hourly 200-MA level of $1236.85, but struggle to extend gains beyond $1245 levels.

    Eyes US ADP data

    Broad based USD weakness remains supportive of Gold strength ahead of the data in the US, which is expected to show private sector job growth slowed in March. The data could influence expectation surrounding Friday’s NFP and trigger a move in Gold.

    Meanwhile, oil gyrations and the resulting impact on the risk sentiment could influence the metal as well.

    Gold Technical Levels

    The immediate hurdle is seen at $1244.12 (daily high), above which prices could test resistance at $1253.32 (Feb 24 high). Conversely, a breakdown of immediate support at $1234.63 (daily low) would expose $1225.61 (Mar 15 low).
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