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Gold rejected at confluence of hourly 100-MA & 50-MA

FXStreet (Mumbai) - Gold prices failed to rise above the hourly 50-MA and 100-MA seen around USD 1074.50/Oz levels earlier today.

Gold to track stock markets

Prices are likely to track the movement in the stock markets in Europe, given the empty Euroland economic calendar and a trading holiday in the US. Upside in the metal remains relatively capped on account of prospects of Fed tightening and the USD index trading in three figures.

At the moment, the European equity futures are trading flat to negative; courtesy of which the losses in the metal are being capped around USD 1070/Oz levels.

Gold Technical Levels

The immediate resistance is seen at 1074.17 (hourly 100-Ma+hourly 50-MA), above which the prices could test 1076.25 (hourly 200-MA). On the other hand, support is seen at 1067.70 (Nov 25 low) and 1063.80 (Nov 18 low).

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