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Gold trades around 5-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices are trading around the 5-DMA located at USD 1165.00/Oz levels after having formed a Doji candle on the daily chart in the previous session.

    Rejected at hourly 50-MA

    The bullish move in Asia failed around the hourly 50-MA located at USD 1165.69/Oz levels. The metal has been largely stuck in the range of USD 1160-1180/Oz levels since last couple of sessions. The weakness in the Asian equities has capped losses in the metal today.

    Ahead in the day, the sentiment in the European equities and the US durable goods report could influence the metal.

    Gold Technical Levels

    The immediate resistance is located at 1173.33 (200-DMA), above which the prices could rise to 1180.89 (Oct 20 high). On the lower side, a break below 1159.04 (Oct 23 low) could open doors for a drop to 1140.20 (100-DMA).
    For more information, read our latest forex news.
     

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