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Gold works hard to take out 5-DMA resistance

FXStreet (Mumbai) - Gold prices are having a tough time to rise above the 5-DMA located at USD 1169.47/Oz amid uptick in the stock markets and sideways action in the USD index.

Bearish MA crossover

The metal witnessed bearish 5-DMA and 10-DMA crossover today after having edged lower from the high of USD 1191.57 seen on last Friday. However, the downside was capped around 1162.40 after the ECB caught markets by surprise by talking about deposit rate cut.

The metal ticked higher in EUR terms, offering support to Gold/USD prices. At the moment, the metal is trading above the hourly 50-MA at 1168.26/Oz levels.

Gold Technical Levels

At 1169, the immediate support is seen at 1168.26 (hourly 50-MA), under which prices could revisit previous day’s low of 1162.40. On the other side, resistance is seen at 1171.94 (10-DMA) and 1174.53 (200-DMA).

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