Gold sits above 200-DMA despite strong China data

Omkar Godbole FXStreet Contributor

Gold prices remain above the 200-DMA level of $1274 levels even though China PMI data bettered estimates.

Prices ended above 200-DMA yesterday and held above the same in Asia. China NBS manufacturing PMI printed higher-than-estimate of 51.2. Caixin PMI bettered estimates by printing at 51.2.

The upbeat data strengthened the bid tone around the Aussie dollar but failed to lift the sentiment in the equity markets. Moreover, Australia’s S&P/SAX 200 remains in the negative territory.

The focus now is on the Bank of Japan (BOJ) rate decision and Reserve Bank of Australia (RBA) rate decision.

Gold Technical Levels

The pair was last seen trading around $1277/Oz levels. A break above immediate resistance of $1279.50 (previous day’s high) would expose $1284.24 (Friday’s high). A violation there could yield $1300 levels. On the lower side, breach of support at $1274 (200-DMA) would open doors for a revisit to $1261.90 (Friday’s low) and $1253 (23.6% of 2011 high – 2015 low).

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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