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Gold just managing to hold $1250, 50-DMA support Haresh Menghani
08:46 23 May /2016 Forex
After sliding for three consecutive weeks, Gold now seems to have stabilized around 50-day SMA support near $1250 region.
The greenback recovery momentum, since the beginning of this month, got an additional boost on reviving speculations of a Fed rate-hike in June, which was led by last week's hawkish Fed minutes. The yellow metal suffered heavy losses and dropped to a three-week low level of $1243 on renewed US Dollar buying interest.
The precious metal, however, managed to bounce off lower level but is unable to gather any recovery momentum. With St. Louis Fed President James Bullard due to speak later during the NY session, hawkish comments would further boost the US Dollar, thus capping any risk-on rally for the precious metal.
From technical perspective, reversal from $1300 psychological handle and now a subsequent break below a short-term moving average support (50-day SMA) might indicate that the metal might have topped-out in the near-term.
Technical levels to watch
On a sustained trade below 50-day SMA support near $1250 region, seems to open room for an immediate down-slide towards $1233-31 horizontal support and the fall could further get extended towards its next major support near $1225 area.
On the flip side, $1258-60 area now seems to have emerged as immediate strong resistance, beyond which the metal could immediately head towards $1275-77 strong resistance with $1263-64 acting as intermediate resistance.