Gold: Rejected at Fibo level, eyes key Fibo support

FXStreet (Mumbai) – Gold was rejected at USD 1080.48 (23.6% of Oct high-Dec low) and is eyeing a key support at 1073.73 (23.6% of 1047.67-1081.79) after the US data release.

Focus on US equities

The upward revision of the US core personal consumption expenditure has not had any positive impact on the USD. Consequently, the metal has managed to restrict loses to trade around USD 1076/Oz levels.

The focus now is now on the US stock markets. The European equities fell into losses following a firm start. Similar action in the US equities could see the metal rise on haven demand. Meanwhile, the US existing home sales number could turn out to be a non-event for the metal traders.

Gold Technical Levels

At USD 1076/Oz, the immediate resistance is seen at 1080.43 (23.6% of Oct high-Dec low), above which the pair could rise to 1088.85 (Dec 4 high). On the other hand, a break below 1075.85 (daily low) would expose 1063.27 (Nov 18 low).

Gold was rejected at USD 1080.48 (23.6% of Oct high-Dec low) and is eyeing a key support at 1073.73 (23.6% of 1047.67-1081.79) after the US data release.

(Market News Provided by FXstreet)