USD selling helped Gold take out hourly 200-MA hurdle at $1232.45 levels ahead of the US weekly jobless claims release and Fed speak.
Bid above 5-DMA
Prices found bids above 5-DMA level of $1228 in early Europe and turned positive on the back of a more than 1% drop in the major European stocks. Gains were extended further as rise in EUR/USD to a fresh five month high triggered broad based USD weakness.
The focus now is on the US initial jobless claims release, which will be followed by comments from Fed’s Dudley.
Gold Technical Levels
The immediate hurdle is noted at $1240 (falling trend line hurdle), above which prices could test $1244.12 (previous day’s high). Acceptance above the same would expose $1270.93 (Mar 17 high). On the other hand, support is noted at $1223.25 (previous day’s low) and $1215 (Mar 29 low). A break lower would expose $1200 (zero figure + falling channel support on the daily chart).
(Market News Provided by FXstreet)