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Gold once again stuck at 50-DMA

FXStreet (Mumbai) - Gold is having a hard time rising above the 50-DMA level located at USD 1203. Prices have tested the 50-DMA level for the third consecutive session today.

Gold traded 0.48% higher at USD 1202.30, with the 50-DMA level being the day’s high so far. The yellow metal is being supported by the expectations of more aggressive stimulus measures from the European Central Bank (ECB). However, the yellow metal is unable to sustain gains above the USD 1200 mark due to the strength in the US dollar and strong performance of the US and European equities.

Moreover, the markets have turned cautious ahead of the US GDP report, which is likely to show a slowdown in the economic growth during the third quarter.

Gold Technical Levels

Prices may rise sharply towards 1212 levels in case the metal takes out the 50-DMA resistance at 1203. On the other hand, prices could fall to 1186 and 1175 levels in case the metal fails yet another time to rise above 1203 levels.

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