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Gold flat lined, fails to sustain above Nov 2014 high

FXStreet (Mumbai) - Gold prices failed to sustain above the November 2014 high of USD 1132.90/Oz, following which the sideways action has continued throughout Asia and now in early Europe.

Focus on sentiment in stocks

The metal is likely to track the sentiment in the stock markets across Europe and the US. Following the Fed’s dovish statement, the markets turned slightly risk averse. Consequently, the investors had strong reasons to push the metal higher, despite which prices failed to sustain above USD 1132.90/Oz levels.

Another attempt could be made to take out Nov 2014 high in case the moderate risk aversion in the markets takes a turn for the worst in the European session.

Gold Technical Levels

At USD 1128/Oz levels, the immediate resistance is seen at 1132.90 (Nov 2014 high), above which the prices could rise to 1169 (Aug 24 high). On the other side, support is seen at 1113.55 (50-DMA) and 1100 levels.

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