Gold prices trade below the hourly 50-MA located at USD 1074.83/Oz levels as the USD index witnessed moderate strength.
Rejected at 5-DMA
Prices were rejected at 5-DMA located at USD 1075.77/Oz levels as the bid tone around the USD gathered pace in Asia and continues to strengthen in Europe. Meanwhile, the uptick in the European equity futures is capping haven demand and weighing over the metal.
Gold traders are likely to track the movement in the USD index throughout the European session. Later in the day, the US weekly jobless claims could influence the metal.
Gold Technical Levels
At USD 1073.50/Oz, the immediate resistance is located at 1075.61 (hourly 100-MA), above which the prices could rise to 1085.47 (Dec 9 high). On the other hand, a break below 1072.32 (daily low) would open doors for a re-test of 1068.63 (hourly 200-MA).
Rejected at 5-DMA
Prices were rejected at 5-DMA located at USD 1075.77/Oz levels as the bid tone around the USD gathered pace in Asia and continues to strengthen in Europe. Meanwhile, the uptick in the European equity futures is capping haven demand and weighing over the metal.
Gold traders are likely to track the movement in the USD index throughout the European session. Later in the day, the US weekly jobless claims could influence the metal.
Gold Technical Levels
At USD 1073.50/Oz, the immediate resistance is located at 1075.61 (hourly 100-MA), above which the prices could rise to 1085.47 (Dec 9 high). On the other hand, a break below 1072.32 (daily low) would open doors for a re-test of 1068.63 (hourly 200-MA).
