Gold Re-Tests 50-DMA, Greece is Back in News

Gold Re-Tests 50-DMA, Greece is Back in News

4 April 2016, 08:28
Roberto Jacobs
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Gold Re-Tests 50-DMA, Greece is Back in News

Gold found support at 50-DMA of $1215 levels in Asia as treasury yields in the US fell, tracking weakness in the Asian equities.

IMF pushing Greece towards crisis - WikiLeaks

Greek issue made a comeback on the wires over the weekend after WikiLeaks revealed IMF is trying to push the nation towards a crisis from where a deal could be forced. However, IMF head Lagarde called the leak as “simple nonsense”.

For now the Greek news has not rattled markets, but may strengthen safe haven demand for Gold if the matter worsens. The data docket in the US is empty, hence technical traders may have a more say today.

Gold Technical Levels

The immediate support is seen at $1215 (50-DMA), under which prices could drop to $1200. A break lower would expose $1191.53 (Oct 15 high). On the higher side, a break above $1225.61 (Mar 15 high) would shift risk in favor of a rise to $1244.12 (Mar 30 high) and $1253.32 (Feb 24 high).

(Market News Provided by FXstreet)

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