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Gold trades below hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices trade below the hourly 50-MA located at USD 1074.83/Oz levels as the USD index witnessed moderate strength.

    Rejected at 5-DMA

    Prices were rejected at 5-DMA located at USD 1075.77/Oz levels as the bid tone around the USD gathered pace in Asia and continues to strengthen in Europe. Meanwhile, the uptick in the European equity futures is capping haven demand and weighing over the metal.

    Gold traders are likely to track the movement in the USD index throughout the European session. Later in the day, the US weekly jobless claims could influence the metal.

    Gold Technical Levels

    At USD 1073.50/Oz, the immediate resistance is located at 1075.61 (hourly 100-MA), above which the prices could rise to 1085.47 (Dec 9 high). On the other hand, a break below 1072.32 (daily low) would open doors for a re-test of 1068.63 (hourly 200-MA).
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