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Gold is back above hourly 200-MA

FXStreet (Mumbai) - Gold prices recovered losses to trade above the hourly 200-MA at USD 1069.95/Oz in early Europe, but gains are hard to come amid signs of USD strength.

Stuck between 5-DMA and 10-DMA

At USD 1071.20/Oz, the metal is stuck between the 5-DMA and the 10-DMA located at USD 1072.50 and 1070 levels. Prices have been stuck largely in a range of USD 1090-1070 since the last couple of days. The US dollar made a comeback yesterday after suffering losses in the previous session, which ensured the metal stayed below USD 1080.48 (23.6% of Oct high-Dec low).

Ahead in the day, the metal could be influenced by the monthly US retail sales figure and the action in the USD index.

Gold Technical Levels

The immediate resistance is located at 1072.50 (5-DMA), above which the prices could test 1080.43 (23.6% of Oct high-Dec low). On the other hand, a break below the hourly 200-MA at 1069.95 would expose 1063.27 (Nov 18 low).

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