Gold: Recovery stalls at hourly 50-MA

February 22, 2016

GoldВ recovered from the daily lows in the US session, but the momentum ran out of steam at the hourly 50-MA located at USD 1215 levels.В 

Back below 23.6% Fibo level

The metal is back below 1212 (23.6% of Dec low-Feb high). Prices managed to recover from the daily low of USD 1201.60 despite the strength in the USD index and the rally in the European stocks. The dollar index currently trades almost 1% higher on the day, while the US index futures are indicating a positive day of trading ahead.В 

Meanwhile, a better-than-expected Chicago Fed National Activity Index failed to have any major impact on Gold and other markets. The focus ahead is likely to be on stocks and US manufacturing PMI release.В 

Gold Technical Levels

The immediate hurdle is seen at 1215 (hourly 50-MA) ahead of the major resistance at 1240 (previous day’s high). On the other hand, a breakdown of immediate support at 1200 could see prices trickle down to 1190 (Feb 16 low).

Publication source
HYCM information  HYCM reviews

January 20, 2017
The dollar has settled moderately lower
Asian stock markets were mixed overnight, after U.S. and European shares closed in the red Thursday. Japan and mainland China bourses managed to move higher (Chinese GDP beat expectations at 6.8%)...
January 20, 2017
A huge disappointment in the UK data
UK retail sales fell most since 2012. We see he fastest pace of decline in almost five years in December. It is due to sales of... pretty much everything from household goods to clothing and food...
January 20, 2017
Trump takes office today. Markets await inauguration speech
Investors await Trump's inauguration and speech due later today as he takes office as the 45th President of the United States. The U.S. dollar was seen giving up some of the gains yesterday with some volatility coming off the EURUSD on the back of the ECB meeting...

OctaFX Rating
OANDA Rating
Orbex Rating
FIBO Group Rating
FOREX.com Rating
Fort Financial Services Rating

UKoptions Rating
OptionBit Rating
Migesco Rating
365BinaryOption Rating
TopOption Rating
Empire Option Rating