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8 Sep 2015
Gold unresponsive to risk-on in equities
FXStreet (Mumbai) - Gold prices are trading largely unchanged in the early European session, despite the uptick in the major European equity indices.
Supported by 50-DMA
The metal found support at its 50-DMA located at USD 1117.40, before recovering to trade marginally negative around USD 11120/Oz. The financial markets are witnessing a classic risk-on trading the early Europe. The USD weakened against European majors, while it strengthened against safe havens like JPY. The pan-European Euro Stoxx 50 index futures advanced 0.5%.
However, the metal has been unable to witness significant moves and appears stuck between the weakness in the USD index and an uptick in the European stocks and US index futures.
Gold Technical Levels
The immediate resistance is located at 1127.16 (10-DMA), above which the spot could re-test 1132.90 (Nov 2014 low). On the other side, support is located at 1117.40 (50-DMA) and 1100 levels.
Supported by 50-DMA
The metal found support at its 50-DMA located at USD 1117.40, before recovering to trade marginally negative around USD 11120/Oz. The financial markets are witnessing a classic risk-on trading the early Europe. The USD weakened against European majors, while it strengthened against safe havens like JPY. The pan-European Euro Stoxx 50 index futures advanced 0.5%.
However, the metal has been unable to witness significant moves and appears stuck between the weakness in the USD index and an uptick in the European stocks and US index futures.
Gold Technical Levels
The immediate resistance is located at 1127.16 (10-DMA), above which the spot could re-test 1132.90 (Nov 2014 low). On the other side, support is located at 1117.40 (50-DMA) and 1100 levels.