FXStreet (Mumbai) – Gold prices are now down almost 1% as the December Fed rate hike probability rose to 47% and the USD strengthened across the board.

Eyes key fib support

At USD 1153.00/Oz, the metal is heading fast towards the key support at 1146.25 (38.2% of Jul to Oct rally). Following a slightly hawkish Fed statement, the USD index shot up 97.88 levels, which triggered a sell-off in Gold.

However, EUR/USD suffered a fall of 1.25%, thereby keeping the metal relatively resilient in the EUR terms. The metal stays relatively resilient in the CHF terms as well. The focus now shifts to the preliminary US Q3 GDP estimate due tomorrow.

Gold Technical Levels

The immediate resistance is located at 1169.87 (hourly 200-MA), above which the prices could revisit the daily high at 1180.60. On the other side, support is seen at 1146.25 (38.2% of Jul to Oct rally) and 1141.37 (50-DMA).

Gold prices are now down almost 1% as the December Fed rate hike probability rose to 47% and the USD strengthened across the board.

(Market News Provided by FXstreet)

By FXOpen