Gold: Probability of a weekly loss is declining

By FXStreet FXStreet (Mumbai) – The probability of a gold ending four-week losing streak is rising ahead of the weekly closing as the metal is trading largely around its weekly opening price.

At USD 1084.66/Oz, the metal is just a shy away from the weekly opening prices of USD 1089.30/Oz levels.

Trading above hourly 200-MA

Prices now trade above hourly 200-MA located at USD 1082.58/Oz levels. The metal dipped to 5-1/2 year low of USD 1063 before the correction in the USD index ensured the metal rebounded to trade above hourly 200-MA ahead of the weekly closing.

The odds of the metal ending the week higher are high as the US economic calendar is empty. The metal could suffer losses in case the Fed officials – Dudley and Bullard – trigger USD rally via their hawkish comments.

Gold Technical Levels

The immediate resistance is located at 1088.17 (daily high), above which gains could be extended to 1100 levels. On the other side, support is seen at 1082.57 (hourly 200-MA), under which the losses could be extended to 1077.71 (hourly 50 MA+hourly 100 MA).
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Source:: FX Street