Wednesday, November 25, 2015

Gold offered at Tuesday’s high

FXStreet (Mumbai) - Gold prices ran into offers at Tuesday’s high of USD 1081/Oz levels and threatens to dip into losses as the European equities turned higher.

Markets showing resilience

The US markets rebounded after the weak start and the European equities appear to follow suit. The pan-European Euro stoxx 50 advanced 0.4%, thereby weighing over the safe haven metal. The turn around in the equities marked resilience to Fed rate hike bets and geopolitical uncertainty.

Consequently, Gold surrendered gains in Europe to trade largely unchanged around USD 1075-1076/Oz levels. the metal traders now await the US data – durable goods, personal spending.

Gold Technical Levels

The pair currently hovers around USD 1076.17 (hourly 50-MA). A failure to sustain above the same would expose 1069.12 (previous day’s low). On the other hand, the prices could once again face resistance at 1081 (Tuesday’s high).
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