OctaFX | OctaFX Forex Broker
Open trading account

Gold ignores Lockhart’s comments, stays above USD 1150/Oz

FXStreet (Mumbai) - Gold prices remained resilient around USD 1154/Oz as the investors ignored the Fed’s Lockhart hawkish comments.

No liftoff this year?

Fed’s Lockhart was on the wires trying to talk up the 2015 rate hike bets, however, markets do not seem to buy his comments. Moreover, the fed funds futures data already indicate a very low probability of the rate hike in 2015. Consequently, the metal stayed resilient to Lockhart’s hawkish comments.

Meanwhile, the US stocks have opened on a positive note following the rally in the Asian and European equity markets. The weakness in the USD index also remains intact, which provides little scope for the bears to push the metal lower.

Gold Technical Levels

At USD 1154/Oz, the immediate resistance is seen at 1156.70 (Sept 24 high), followed by a major hurdle at 1169.99 (Aug 24 high) and 1200 levels. On the downside, a break below 100-DMA at 1143.25 would expose 1132.90 (Nov 2014 low) and 1121.50 (50-DMA).

US Dollar off lows on Lockart, near 95.00

The US Dollar Index, which tracks the greenback vs. a basket of its main rivals, has left the area of daily troughs and is now looking to regain the 95.00 handle...
Read more Previous

CHF now not equally strongly overvalued – SNB’s Jordan

Swiss National Bank (SNB) head Jordan’s Oct 1 speech released today showed the central banker believes the CHF is now not equally strongly overvalued compared to 2011 and against all important currencies.
Read more Next
Start livechat