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Gold: Down for fifth consecutive session

FXStreet (Mumbai) - Gold prices declined for the fifth consecutive session in Asia today after failing to sustain above its 100-DMA last week.

100-DMA: A tough nut to crack

The metal has repeatedly failed to sustain above its 100-DMA since early March. Each time the failure to sustain above 100-DMA lead to sharp losses. A similar move played out after the metal failed to sustain above its 50-DMA at 1150 last week.

The traders now await the US ISM manufacturing report due later today. Friday’s non-farm payrolls report and its impact on the Fed rate hike bets could heavily influence the metal.

Gold Technical Levels

The metal currently trades at USD 112.54/Oz levels. The immediate support is seen at 1111.30 (previous day’s low), under which the losses could be extended to 1100. On the other side, resistance is seen at 1115.70 (Sep 7 low) and 1121.20 (Sep 23 low).

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