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No respite for Gold after weak US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices continue to trade near daily lows despite dismal US data as traders remain focused on fEd rate outlook.

    Eyes key fib support

    The metal is trading within a touching distance from USD 1120.60/Oz, which is the 61.8% of Jul low to Oct high move. The US factory orders contracted 1% as expected, thereby offering no surprise to the markets.

    Consequently, the metal hardly batted an eye.
    Ahead in the day, Draghi’s speech could trigger sharp moves in EUR/USD and affect overall demand for the US dollars, thereby affecting the yellow metal accordingly.

    Gold Technical Levels

    The metal now trades at USD 1122.76/Oz after having a hit a low of USD 1121.62/Oz. The immediate support now stands at 1120.68 (61.8% of Jul low-Oct high), which is followed by a major support at 1111 (Oct 1 low). On the other hand, a recovery above 1126.78 (Aug 13 high) could open doors for a re-test of 1132.90 (Nov 2014 low) and 1138.15 (100-DMA).
    For more information, read our latest forex news.

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