Gold hovers around 38.2% Fib level

By FXStreet FXStreet (Mumbai) – Gold prices are trading around USD 1087.57 (38.2% of Dec low-Jan high) as investors wait for fresh cues from the Wall Street.

Rejected below hourly 200-MA

Prices failed to sustain above the hourly 200-MA located at 1092.50 and fell to a session low of 1082.51 before recovering to trade around the above mentioned key Fibo level. The metal was offered as the equity markets in Asia and Europe advanced and reduced safe haven demand.

The investors now wait to see if the US equity markets follow Asian and European equities higher. Return of risk appetite may hurt the safe haven metal and vice versa.

Gold Technical Levels

The immediate resistance is seen at 1097.37 (23.6% of Dec low-Jan high), above which the prices could extend gains 1106 (100-DMA). On the other hand, a break below the immediate support of 1082.51 (daily low) would expose 1079.66 (50% of Dec low-Jan high).
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Source:: FX Street