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10 Feb 2016

Gold: Profit taking pushes prices below hourly 50-MA

The bulls have loosened their grip around gold, making way for a technical correction/profit taking. Prices currently trade below hourly 50-MA at USD 1189.38 levels.

Eyes Yellen testimony

The main event for the day for yellow metal is the Yellen’s testimony on the economy before congressional committees today and tomorrow. Comments on whether the Fed will still be considering a rate hike at its March meeting is what gold traders would be interested in hearing.

Profit taking may continue ahead of Yellen’s testimony if the equity markets and the USD index remain calm.

Gold Technical Levels

The immediate resistance is seen at 1200, above which prices could target 1205.80 (June 18 high). On the other hand, a break below 1183.00 (Oct 28 high) would expose 1174.50 (previous day’s high).

Feb 10, 2016

GBP/USD breaking higher ahead of UK data, near 1.4500

The GBP/USD pair recovered losses and jumped higher on the bids over the last hours as markets remain expectant of upbeat industrial figures from the UK.

EUR/USD slumps to 1.1250 ahead of Yellen

The shared currency has lost further upside momentum vs. the greenback following an auspicious European open, with EUR/USD dropping to lows near 1.1250...