1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

Gold turns positive, tests 10-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    Gold turned positive amid losses in the European stocks, but is struggling to take out 10-DMA hurdle seen at $1232 levels.

    Supported at $1223

    Prices turned higher from the session low of $1223 levels and the recovery gained momentum after European equities opened lower. The major indices are now trading more than 1% lower on the day.

    However, the metal is struggling to take out 10-DMA hurdle. On a large timeframe the metal’s activity looks surprising as dovish Fed, falling rate hike bets and dollar weakness has failed to trigger a rally in metal.

    Gold Technical Levels

    The immediate hurdle is noted at $1232 (10-DMA), above which prices could test $1244.12 (previous day’s high). Acceptance above the same would expose $1270.93 (Mar 17 high). On the other hand, support is noted at $1223.25 (previous day’s low) and $1215 (Mar 29 low). A break lower would expose $1200 (zero figure + falling channel support on the daily chart).
    For more information, read our latest forex news.
     

Share This Page