Gold: Upside capped by $ 1106

25 January, 2016

Gold futures on Comex continue to benefit from the persisting risk-averse market conditions and remain supported above the 100-DMA located at $ 1102.56.

Gold: Will it close above 100-DMA today?

Currently, gold trades 0.78% higher at 1104.10, retreating from fresh session highs of 1105.90. Gold remains underpinned on the back of wavering European stocks, although the bulls struggle to extend higher as oil prices are seen attempting a tepid bounce from lows.

Attention now remains on Wednesday’s Fed decision, with expectations over Fed’s four rate hike this year gradually diminishing in the face of the global market turbulence triggered by the Chinese slowdown fears and oil rout. Meanwhile, the US dollar is seen paring losses and trades -0.10% at 99.50.

Gold Technical Levels

The metal has an immediate resistance at 1109.80 (Jan 20 High) and 1111.10 (Jan 8 High). Meanwhile, the support stands at 1102.56 (100-DMA) below which doors could open for 1096.92 (1h-100-SMA)


Source link  
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...


Oil closed strongly

Oil prices rallied after the EIA weekly report showed gasoline inventories declined the most at this time of the year for at least five years. Stocks dropped 3.26 million barrels to 238.2 million barrels. The market was also buoyed by a fall in US oil production, down 55kb/d to 8.46mb/d last week...

Gold hovering around 3-week high

Gold on Wednesday traded in a narrow band but maintained its bid tone and is hovering around 3-week high level touched on Tuesday to currently trade around $1364 region...

US Dollar weaker, finds support at 97.00

The greenback, tracked by the US Dollar Index, is now picking up some pace after finding some support in the 97.00 neighbourhood...

  


Share: