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Gold turns positive, tests 10-DMA

10:46 31 March /2016 Forex

Gold turned positive amid losses in the European stocks, but is struggling to take out 10-DMA hurdle seen at $1232 levels.

Supported at $1223

Prices turned higher from the session low of $1223 levels and the recovery gained momentum after European equities opened lower. The major indices are now trading more than 1% lower on the day.

However, the metal is struggling to take out 10-DMA hurdle. On a large timeframe the metal™s activity looks surprising as dovish Fed, falling rate hike bets and dollar weakness has failed to trigger a rally in metal.

Gold Technical Levels

The immediate hurdle is noted at $1232 (10-DMA), 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).

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