Gold revisited 5-year low of USD 1063/Oz set earlier this month on the back of a rise in the USD index above 100.00 levels.
Prices trim losses
The metal has managed to take back part of its losses to trade around USD 1066/Oz levels. The recovery in the European stocks followed by a move higher pushed the EUR/USD below 1.06 levels and triggered a broad based USD rally. Consequently, the USD index rose above 100.00 levels.
Heading into the weekend, the prices could continue to track the movement in the USD index.
Gold Technical Levels
The immediate support is located at 1063 (Nov 18 low+daily low), under which a major support is seen directly at 1032.30 (Mar 2008 high) on the monthly chart. On the higher side, the hourly 50-MA at 1071.46 and the hourly 200-MA at 1074.13 could offer resistance.
January 16, 2017 U.S. markets are closed Monday
U.S. markets are closed Monday for Martin Luther King Day. This will be a busy week for traders, with the inauguration of president-elect Trump on Friday headlining...
January 16, 2017 Busy start to the GBP with Carney speech
U.S. markets are closed today on account of Martin Luther King Day. Economic data is quiet ahead of another busy week. The Bank of England Governor, Mark Carney will be speaking later this afternoon and his comments come a day before the British PM Theresa May will be holding her press conference on Brexit...
January 13, 2017 The dollar is trading softer into the London open
Aftershocks from President-elect Trump’s campaign-like press conference, which had weighed on global stock markets and yields started to recede late in the U.S. session and U.S. equities managed to recover part of their losses...
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.