Gold clocks fresh session highs on USD weakness

October 14, 2015

The broad based selling in the USD index amid weakness in the European stocks pushedgold to a session high of USD 1176/Oz levels. 

Fourth consecutive day of gains

Prices advanced for the fifth consecutive session on the back of a 0.22% loss seen in the USD index. The safe haven demand due to the losses in the European equities also added to the bullish momentum in the pair. 

Ahead in the day, the US advance retail sales report could influence the Fed rate hike bets and accordingly affect the demand for the yellow metal. 

Gold Technical Levels

The metal currently trades above USD 1174/Oz levels. The immediate resistance is located at 1200 levels. A break higher would expose 1232.27 (May 18 high). On the downside, a break below 1152.24 (hourly 50-MA) would expose 1141.38 (100-DMA) and 1132.90 (Nov 2014 low). 

Publication source
OctaFX information  OctaFX reviews

September 27, 2016
Markets start last week of September on the back foot
It hasn't been a great start for global equities in this last week of September, with European indices dropping between 1.0 to 1.5 per cent during Monday’s morning session, mirroring a similar performance in Chinese and Japanese markets overnight...
September 23, 2016
Gold rises to critical level on lower-for-longer policy signals
The price of gold extended its rebound modestly on Thursday after the US Federal Reserve provided some key signals on Wednesday that, despite a considerable probability of one Fed rate hike by the end of this year...
September 22, 2016
Moving on from the Fed
The reaction seen in currency markets yesterday to respective central bank policy decisions was instructive of the change in dynamics that we’re seeing. The BoJ enacted a number of changes to its policy regime...

FXTM Rating
OANDA Rating
Vantage FX Rating
HotForex Rating
Fort Financial Services Rating
XM Rating

OptionBit Rating
Anyoption Rating
OptionRally Rating
OptionFair Rating
OptionsXO Rating
EZTrader Rating