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22 Dec 2015
Gold stuck at 23.6% Fibo resistance
FXStreet (Mumbai) - Gold prices advanced for the third consecutive day, but gains were capped at USD 1080.43 (23.6% of Oct high-Dec low).
Eyes US data
The US third quarter GDP is seen remaining unchanged at 2.1%. Meanwhile, the core personal consumption expenditure is seen unchanged at 1.3% as well. The data risks turning out to be a non-event unless the numbers are revised significantly higher/lower.
An upward revision could increase the probability of more Fed rate hikes next year and may weigh over the yellow metal.
Gold Technical Levels
At USD 1078.74/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).
Eyes US data
The US third quarter GDP is seen remaining unchanged at 2.1%. Meanwhile, the core personal consumption expenditure is seen unchanged at 1.3% as well. The data risks turning out to be a non-event unless the numbers are revised significantly higher/lower.
An upward revision could increase the probability of more Fed rate hikes next year and may weigh over the yellow metal.
Gold Technical Levels
At USD 1078.74/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).