Gold finds support at hourly 50-MA

17 December, 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).


Source link  
Gold holds steady near 6-week highs

Gold trimmed of the early gains to a six-week high and retreated to the $1262 region during early the European session, albeit has managed to hold...

USD stays under pressure on politics

The US dollar inched up from a 13-month low against a basket of six major currencies touched in early trading, assisted by strongerthan-expected...

Dollar rebounds from multi-month lows

The greenback selling pressure seems to have abated for the time being, with the key US Dollar Index (DXY) bouncing off 9-month lows...


EUR/GBP jumps to fresh yearly tops

The EUR/GBP cross was seen building on previous session's strong up-move and has now jumped to fresh yearly tops near 0.8875...

USD: Fed being a little more hawkish

The dollar picked up over the past week, and this continued to be in reaction to a Fed that is being a little more hawkish...

EUR sluggish in recent weeks

EUR has also been surprisingly soft in light of the convincing win by French President Macron...


EUR/USD sinks to session lows

The single currency is now losing the grip vs. the buck, sending EUR/USD to test the area of daily lows in the 1.1240/30. Spot met extra downside pressure...

Euro is consolidating below the 1.1300

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still points to some consolidation...

Dollar Index rebound looks plausible

In view of the analysts at Societe Generale, the Dollar Index correction appears to have come...

  


Share: