Gold: Offered again around key resistance, bulls losing steam

26 February, 2016

Gold prices ran into offers at/above $1240 for the fourth time in the last nine days as the safe haven demand dropped due to positive action in the equities in Asia and Europe. 

Metal turns negative

Prices now trade 0.44% or $5.5 lower on the day around $1233.50/Oz levels. The area at/above $1240 has been swarmed by offers throughout last one week or so. Repeated failures to sustain above $1240 could be an indication the metal may be running out of steam. 

As of now, a 1% rise in the Stoxx 50 index is keeping the metal under pressure. Later today, the US Q4 preliminary GDP and personal spending report could influence the metal. 

Gold Technical Levels

The immediate resistance is seen at 1240, above which prices could rise to 1253.32 (Feb 24 high). On the other hand, a break below 1220.60 (Feb 24 low) would open doors for a slide to 1212 (23.6% of Dec low – Feb high).


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: