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5 Feb 2016
Gold set for third straight weekly gain
FXStreet (Mumbai) - Gold remains weak on the day following an upbeat jobless rate and wage growth figures, but is set to end higher for the third consecutive week.
Traders eye weekly closing
The markets will be interested to see if the metal managed to close above weekly 50-MA currently seen at USD 1142.09; something that the metal has failed to do so at least three times since last Feb.
A weekly candle was seen above 50-MA last time in January 2015. Since then, the talk of Fed rate hike made sure prices failed to take out weekly 50-MA on weekly closing basis.
Gold Technical Levels
The immediate resistance is seen at 1157.23 (76.4% of Oct high-Dec low), above which the prices could have a go at a major hurdle at 1169.99 (Aug 25 high). On the other hand, immediate support is seen at hourly 50-MA at 1144.51, which if taken out could see prices drop to 1136.00 (61.8% of Oct high-Dec low).
Traders eye weekly closing
The markets will be interested to see if the metal managed to close above weekly 50-MA currently seen at USD 1142.09; something that the metal has failed to do so at least three times since last Feb.
A weekly candle was seen above 50-MA last time in January 2015. Since then, the talk of Fed rate hike made sure prices failed to take out weekly 50-MA on weekly closing basis.
Gold Technical Levels
The immediate resistance is seen at 1157.23 (76.4% of Oct high-Dec low), above which the prices could have a go at a major hurdle at 1169.99 (Aug 25 high). On the other hand, immediate support is seen at hourly 50-MA at 1144.51, which if taken out could see prices drop to 1136.00 (61.8% of Oct high-Dec low).