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Gold trades comatose in Asia as investors await Fed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold traded on a flat note as investors consider the possibility of Fed indicating a possibility of rate hike this year.

    Bearish 5-DMA and 10-DMA crossover

    Prices have eased from Friday’s high of $1283, leading to a bearish crossover between 5-DMA and 10-DMA. Metal hit a six day low of $1225.65 as markets, after having under appreciated the possibility of hawkish Fed, turned cautious.

    Moreover, oil driven risk-off in Europe failed to strengthen the yellow metal and so did a weak US retail sales data.

    Gold Technical Levels

    At the time of writing, gold was trading largely flat on the day around $1233/Oz. The immediate hurdle is seen at above 1240 (Feb 18 high). A violation there would expose 1261.15 (previous day’s high). On the other hand, immediate support is seen at 1227 (23.6% of Dec low-Mar high), under which prices could test bid around 1200 levels.
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