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).