Gold price trades above USD 1100/Oz

Frankfurt (July 23)  The sell-off in the USD during the European session pushed the Gold prices to a session high of USD 1105.93/Oz levels, although the offers made sure the metal fell back to USD 1100/Oz.

Trades above hourly 50-MA

The metal has taken out the hourly 50-MA currently located at USD 1098.39 on the back of the weakness in the USD index. However, the metal ran into offers at USD 1105.93/Oz as bulls remained demoralized on account of the increased prospects of the rate hike in the US.

Ahead in the day, the metal could take cues from the weekly jobless claims data in the US. Markets will be interested to see if the initial jobless claims stay below 300K for the 20th consecutive week.

Gold Technical Levels

The metal currently trades around USD 1100/Oz; up 0.84% on the day. The immediate resistance is located at the daily high of 1105.93 ahead of the major hurdle at 1109.08 (hourly 100-MA). On the flip side, a break below the support at 1098.38 (hourly 50-MA) and 1086.94 (previous session’s low).

Source: FXstreet