Gold: Love-Fest with 200-DMA continues

By FXStreet FXStreet (Mumbai) – Gold prices consolidated around its 200-DMA located at USD 1175.61/Oz levels, after swinging on both sides earlier today.

Supported by hourly 200-MA

The prices bounced-off from its hourly 200-MA located at USD 1173.60/Oz levels as the stock markets in Europe turned lower, thereby pushing the US index futures in red. However, the metal is having a tough time extending gains above 200-DMA, which also coincides with the hourly 100-MA located at around USD 1176/Oz levels.

Ahead in the day, the metal could take hints from the sentiment on the Wall Street.

Gold Technical Levels

The immediate resistance is located at 1176.63 (hourly 50-MA), above which the prices could extend gains to 1181 (Oct 20 high). On the other side, a break below hourly 200-MA at 1173.60 would expose 1170.0 (strong resistance earlier this month). A break below the same may lead to a sell-off to 1150.00.
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Source:: FX Street