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Gold struggles to take out key fib resistance

FXStreet (Mumbai) - Gold prices recovered off lows in early Europe, but the gains remain capped at USD 1136.82/Oz (61.8% of 1156.70-1104.66) levels.

Stocks rally as Fed rate hike bets drop

The metal was one of the major gainers after the weak NFP report released on Friday lead to a drop in the Fed 2015 rate hike bets. However, the safe haven demand is low today on account of the rally in the Asian and European stocks.

A drop in the Fed rate hike bet is good for the Asian and EM economies having large external USD denominated debt. Meanwhile, the Euro Stoxx 50 also rallied more than 2%. Consequently, the metal is struggling to rise above USD 1136.82/Oz levels.

Gold Technical Levels

The metal currently trades just below USD 1136.82/Oz levels. Above the same, the metal could rise to 1145.56 (78.6% of 1156.70-1104.66). On the other side, support is seen at 1134.51 (daily low) and 1130.68 (50% of 1156.70-1104.66).

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