Gold struggles to take out hourly 50-MA

By FXStreet FXStreet (Mumbai) – Gold is having a tough time rising above the hourly 50-MA located at USD 1085.91/Oz levels.

Gold struggles as USD index strengthens

The upside in the metal is being capped by the USD index; which is trading 0.30% higher. The metal fell below the hourly 50-MA on Oct 28 and since then has repeatedly failed to take out the same.

The focus is now on the US advance retail sales data, which could influence the Fed rate hike bets and affect the yellow metal.

Gold Technical Levels

The immediate resistance is located at 1085.91 (hourly 50-MA) and 1088.77 (hourly 100-MA), above which the gains could be extended to 1100.37 (hourly 200-MA). On the other side, support is seen at 1079.89 (daily low) and 1070 (July lows).
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Source:: FX Street