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Gold comatose around USD 1078/Oz

FXStreet (Mumbai) - Gold prices trade dead flat around USD 1078/Oz as investors amid moderate weakness in the USD index and wavering European stock markets.

Bullish 5-DMA and 10-DMA crossover

The recovery from the multi-year low of USD 1046.18/Oz levels on Dec 3rd, followed by a rise to USD 1088.50 and sideways action around USD 1075-1080 has led to a bullish crossover between the 5-DMA and 10-DMA on the daily charts.

Prices found support at the 10-DMA earlier today, however, the gains have been capped around 1080/Oz levels. The 0.30% drop in the USD index did little to push the prices above USD 1080/Oz. Ahead in the day, the performance of the US stock markets could affect the yellow metal.

Gold Technical Levels

The immediate resistance is seen at 1081.46 (daily high), above which the prices could re-test 1088.50 (Dec 4 high). On the other hand, a break below 1074.74 (hourly 50-MA) would expose 1067.38 (hourly 200-MA).

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