Gold turns negative as USD strengthens

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Profit taking on USD shorts ahead of the weekend weighed over Gold as well, pushing the metal into the negative territory in European session.

    Rejected at $1266

    Prices clocked a high of $1266, before dollar shorts began unwinding, sending the greenback moderately higher across the board. The USD index currently trades 0.27% higher on the day. Consequently, metal fell from the Asian session high to trade 0.35% lower on the day around $1260/Oz levels.

    A dip from the daily highs also marked another failure to sustain above monthly 100-MA of $1263 levels. Ahead in the day, focus remains on the action in the USD index and major European stock markets.

    Gold Technical Levels

    The immediate hurdle is noted at $1263 (monthly 100-MA), above which metal could test offers around $1270.93 (previous day’s high). On the other hand, a break below $1254.42 (previous day’s low) would expose $1236.93 (Mar 10 low).
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