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

February 23, 2017
U.S. dollar muted to Fed minutes
The U.S. dollar index was flat yesterday after the Federal Reserve published the meeting minutes from the January 31 -February 1 monetary policy meeting...
February 23, 2017
Will the UK go through a migration shock?
The plan successfully passed through the upper chamber and is now going to the committee stage where it’s likely to be amended to warrant better relations with the EU...
February 23, 2017
The euro is under pressure amid growing concerns
The single currency regained a minor portion of its losses in the Asian session on Wednesday. The pair was able to reach 1.0550. However, the selling pressure around the euro remained unchanged pushing the spot to fresh lows...

FXCM Rating
Cms Trader Rating
Fort Financial Services Rating
Grand Capital Rating
Orbex Rating
NPBFX Rating

Empire Option Rating
Anyoption Rating
Porter Finance Rating
IQ Option Rating
OptionBit Rating
Banc De Binary Rating