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Gold erases daily gains

FXStreet (Córdoba) - Gold ended Monday flat around $1,164.00, after a failed attempt to regain the upside earlier in the day as the dollar weakened broadly following another series of disappointing US data. Asian markets started the day with a strong footing, rushing to price in the latest PBoC decision to ease monetary policy further to boost local growth.

But investors quickly realized that the measures taken were far from enough, while keeping an eye on whether the Fed may say this Wednesday. Gold was also under pressure also amid sluggish demand from India, the major physical buyer.

Gold technical view

“Daily basis, the commodity continues trading a handful of pips above its 200 DMA, while the 20 DMA has extended its advance to converge with the larger moving average around 1,160.90, now the immediate support”, says Valeria Bednarik,chief analyst at FXStreet. “In the same chart, the technical indicators have extended their bearish slopes towards their mid-lines, increasing chances of a continued decline. In the 4 hours chart, the price failed to advance above a bullish 20 SMA earlier in the day and extends now below it, whilst the technical indicators are posting tepid retracements from their mid-lines, in line with the longer term outlook”.

Support levels: 1,160.90 1,153.35 1,142.50. Resistance levels: 1,170.90 1,1179.30 1,191.60.

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