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Gold trades flat ahead of the ECB meeting, Yellen speech

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold trades flat in Europe as investors await the European Central Bank rate decision and Fed’s Yellen speech.

    Upside capped by USD strength

    Prices recovered from the Asian session low of USD 1046.18/Oz levels, but the 0.23% gain in the USD index is restricting gains in the metal. The investors await the ECB event, where the bank is widely expected to cut rates and introduce a minor tweak in the QE program.

    Meanwhile, Fed Chair Janet Yellen is expected to testify before Congress later today and reiterate why the Fed believes it could raise interest rates for the first time in nine years.

    Gold Technical Levels

    At USD 1053/Oz, the immediate resistance is seen at 1059.81 (5-DMA), above which the prices could test 1062.38 (hourly 50-MA+hourly 100-MA). On the other side, previous day’s low of 1046.18 could offer support, under which the prices could test 1032.30 (Mar 2008 high).
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