Gold finds support at hourly 50-MA

December 17, 2015

Gold prices found support at the hourly 50-MA at 1066.40/Oz levels amid the rise in the European equity markets and the US dollars. 

Stuck between hourly 50-MA & 100-MA

Prices trade in the sideways manner between the hourly 50-MA and hourly 100-MA located at 1066.40 and 1067.85 levels. The narrow range has remained intact since the last few hours. The upside is being capped by the uptick in the USD index and the rise in the equity markets across Asia and Europe. Meanwhile, the hourly 50-MA has ensured the prices remain supported. 

Ahead in the day, the action in the USD index and the US weekly jobless claims could influence the metal. 

Gold Technical Levels

The immediate resistance is seen at 1067.85 (hourly 100-MA), above which the gains could be extended to 1080.48 (23.6% of Oct high- Dec low). A break below 1066.40 (hourly 50-MA), would expose 1058.41 (Dec 15 low).

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