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2 Nov 2015
Gold falls back to 100-DMA
FXStreet (Mumbai) - The uptick in gold ran into offers around USD 1143.08 following which the metal fell back to its 100-DMA at USD 1138.74/Oz levels.
Losses capped by weak stocks
The dismal China manufacturing PMI report led to weakness in the Asian stocks. The European equities have begun the day on a negative note, driving the US index futures lower as well. Consequently, the losses in the metal are being capped around the 100-DMA.
However, the Treasury yields are still resilient, which has kept the USD resilient and capped gains in the yellow metal. Ahead in the day, the US ISM manufacturing report could influence the Fed rate hike bets and the gold prices.
Gold Technical Levels
The immediate resistance is located at 1143.08 (daily high), above which the gains could be capped at 1147.69 (38.2% of Jul low-Oct high). On the other side, a failure to sustain above 1138.74 (100-DMA) could push the prices lower to 1134.15 (50% of Jul low-Oct high).
Losses capped by weak stocks
The dismal China manufacturing PMI report led to weakness in the Asian stocks. The European equities have begun the day on a negative note, driving the US index futures lower as well. Consequently, the losses in the metal are being capped around the 100-DMA.
However, the Treasury yields are still resilient, which has kept the USD resilient and capped gains in the yellow metal. Ahead in the day, the US ISM manufacturing report could influence the Fed rate hike bets and the gold prices.
Gold Technical Levels
The immediate resistance is located at 1143.08 (daily high), above which the gains could be capped at 1147.69 (38.2% of Jul low-Oct high). On the other side, a failure to sustain above 1138.74 (100-DMA) could push the prices lower to 1134.15 (50% of Jul low-Oct high).