Gold weaker, plummets to $1,150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Prices for the yellow metal are trading on a weaker tone today, giving away more than $20 - or nearly 2% - and returning to the $1,150 area per ounce.

    Gold lower on potential lift-off in December

    Gold prices are retreating further today as market participants keep factoring in the likeliness of a Fed’s lift-off in December, with probabilities now surging to nearly 60% from below 30% on Monday.

    Prices for the precious metal saw its downside renewed following the unexpected hawkish tone at the FOMC meeting on Wednesday, still leaving the door open for a rate hike before year-end and boosting the demand for the dollar, which in turn has been weighing on the USD-denominated assets.

    Gold significant levels

    Gold is now losing 1.98% at $1,152.80 facing the next support at $1,147.40 (50% Fibo of October up move) followed by $1,142.18 (55-day sma) and then $1,137.65 (100-day sma). On the upside, a breakout of $1,166.93 (200-day sma) would expose $1,180.69 (downtrend from 2015 top) and finally $1,189.00 (monthly high Oct.14).
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