8 Dec 2014
Gold recovers, trades above 10-day SMA
FXStreet (Mumbai) - Gold prices on Comex recovered in early Asian trading after previous session’s decline on better than forecast US nonfarm payrolls data.
Currently, gold prices trade at USD 1192.60/ Oz, just above 10-day SMA, after having hit a low at USD 1187.1/Oz. Despite Friday’s fall, gold ended the week higher, witnessing a rise of 2.28% on the week. Gold prices remain underpinned after net-long position in gold futures and options climbed for a third week, the longest expansion since July, as U.S. Commodity Futures Trading Commission (CFTC) data showed.
The net-long position rose by 20% to 79,497 futures and options in the week ended Dec. 2, the highest since Aug. 26, according to CFTC data. Holdings more than doubled in three weeks.
Gold Technical Levels
The metal has an immediate resistance at 1195.80 (20-day SMA), above which gains could be extended to 1202 (50-day SMA) and levels. Meanwhile, support stands at 1185.40 (Nov 27 Low, below which doors could open for 1181.80 (Nov 17 Low) and here to 1177 (Nov 20 Low) levels.
Currently, gold prices trade at USD 1192.60/ Oz, just above 10-day SMA, after having hit a low at USD 1187.1/Oz. Despite Friday’s fall, gold ended the week higher, witnessing a rise of 2.28% on the week. Gold prices remain underpinned after net-long position in gold futures and options climbed for a third week, the longest expansion since July, as U.S. Commodity Futures Trading Commission (CFTC) data showed.
The net-long position rose by 20% to 79,497 futures and options in the week ended Dec. 2, the highest since Aug. 26, according to CFTC data. Holdings more than doubled in three weeks.
Gold Technical Levels
The metal has an immediate resistance at 1195.80 (20-day SMA), above which gains could be extended to 1202 (50-day SMA) and levels. Meanwhile, support stands at 1185.40 (Nov 27 Low, below which doors could open for 1181.80 (Nov 17 Low) and here to 1177 (Nov 20 Low) levels.