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Oct 28, 2015
Gold above 200-DMA, will it sustain?
FXStreet (Mumbai) - Gold prices are trading marginally above its 200-DMA located at USD 1172.72/Oz, although prices are having a hard time extending gains.
Rising stocks cap gains
The strength in the European stock markets and the resulting positive action in the US index futures is making it difficult for the gold bulls take it even higher. Meanwhile, the USD index has weakened moderately to trade below 97.00 handle and is offering support to the metal.
It remains to be seen if the metal manages to sustain above 200-DMA ahead of the FOMC rate decision due later in the day.
Gold Technical Levels
The immediate resistance is located at 1179.45 (Oct 23 high), above which the metal could test 1191.57 (Oct 15 high). On the other side, support is seen at 1166 (5-DMA) and 1158.70 (Oct 23 low).
Rising stocks cap gains
The strength in the European stock markets and the resulting positive action in the US index futures is making it difficult for the gold bulls take it even higher. Meanwhile, the USD index has weakened moderately to trade below 97.00 handle and is offering support to the metal.
It remains to be seen if the metal manages to sustain above 200-DMA ahead of the FOMC rate decision due later in the day.
Gold Technical Levels
The immediate resistance is located at 1179.45 (Oct 23 high), above which the metal could test 1191.57 (Oct 15 high). On the other side, support is seen at 1166 (5-DMA) and 1158.70 (Oct 23 low).