Gold trims gains as USD recovers losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold trimmed gains to trade around USD 1075/Oz levels as the USD index moved off lows in early Europe.

    Stalls around hourly 100-MA

    The momentum ran out of steam as prices neared the hourly 100-MA located at 1079.24/Oz levels. The Greenback was offered across the board in Asia, taking the USD index lower to 99.21 levels before a slight recovery to 99.50 levels.

    Consequently, the metal trimmed gains to trade around USD 1075/OZ; still up almost 0.60% on the day. The metal could take cues from the US weekly jobless claims figure due later today.

    Gold Technical Levels

    The immediate resistance is located at 1079.24 (hourly 100-MA), above which the prices could rise to its hourly 200-MA at 1084.16 levels. On the other side, support is seen at 1072.53 (hourly 50-MA) and 1063.27 (Nov 18 low).
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