Gold drops as dollar rallies

December 14, 2015

Gold prices dipped in Europe as the uptick in the treasury yields ahead of the FOMC meeting pushed the Greenback higher across the board. 

Dips below 5-WMA

Prices turned lower from the high of USD 1077.54 and fell below the 5-WMA located at USD 1072.52 levels. The European equity markets rallied and reduced the haven demand for the metal. Meanwhile, the USD index gained 0.30% to trade few points away from 98.00 levels. 

Both the factors ensured the yellow metal fell to a session low of USD 1065.30. Ahead in the day, the metal traders could continue to track the USD index as the data docket is empty. 

Gold Technical Levels

At USD 1067.50/Oz, the immediate resistance is seen at 1072.51 (5-WMA), above which the gains could be extended to 1079.67 (Friday’s high). On the other hand, a break below 1062.20 (Friday’s low) would open doors for a drop to 1052.20 (Nov 27 low). 

Publication source
OctaFX information  OctaFX reviews

October 25, 2016
US flash Markit PMI jumped 1.7 points to 53.2 in October
Asian stock markets are mostly down, as the positive confidence indicators out of Europe and the U.S. yesterday were overshadowed by weak GDP numbers from South Korea, which weighed on most markets. Topix and Nikkei outperformed, with a weaker Yen underpinning exporters...
October 25, 2016
Fed speech, flash PMI push dollar to a fresh 8-month high
Marking the final day of Fed speeches ahead of the one-week blackout period starting today, FOMC voting member, Bullard said that December was most likely for a rate hike...
October 25, 2016
M&A activities drove equities, focus shifts to earnings
Equity markets began the week on a positive note with M&A activities, positive earnings, and better than expected manufacturing data from the Eurozone and U.S. all boosting appetite to risk...

Grand Capital Rating
FxPro Rating Rating
XM Rating
FIBO Group Rating
Vantage FX Rating

Binary Brokerz Rating
TopOption Rating
Anyoption Rating
Grand Option Rating
OptionBit Rating
Beeoptions Rating