Gold price ran into fresh bids as USD drops to session lows

New York (Nov 19)  Gold ran into fresh bids below USD 1070/Oz levels to clock a fresh session high of USD 1079.38/Oz levels as the USD index dropped to fresh session lows.

Gold tracking EUR/USD pair

Gold prices appear to be moving in line with the EUR/USD pair in the US session. The EUR/USD Pair just rose to fresh session highs around 1.0725 levels, leading to a broad based weakness in the US and the spike in the yellow metal.

The USD index fell to a fresh session low of 99.07 levels. With no major data due later today, the metal remains at the mercy of the action in the EUR/USD pair.

Gold Technical Levels

At 1078.15/Oz, the immediate resistance is located at 1078.67 (hourly 100-MA), above which the prices could rise to its hourly 200-MA at 1083.58 levels. On the other side, support is seen at 1071.86 (hourly 50-MA) and 1063.27 (Nov 18 low).

Source: FXstreet