Gold slumps below $ 1230 on French debate outcome-led risk-on

Dhwani Mehta FXStreet

Gold prices on Comex staged a sharp reversal in the Asian session, having dropped sharply from near three-week tops to surrender $ 1230 barrier.

Gold back below 5-DMA at $ 1230

Currently, gold drops -0.40% to $ 1228.85, having posted daily tops at $ 1235.15. Gold prices came under tremendous selling pressure in Asia, after the risk conditions witnessed a dramatic turnaround, following the reports of Macron winning the first French presidential debate, which calmed fears over a potential French exit from the European Union (EU).

Although losses remain capped amid a broadly weaker US dollar and negative Asian indices, while subdued trading activity around the treasury yields also keep the downside cushioned.

Next of note for the major remains the FOMC member Dudley’s speech and US current account data, which will have significant impact on the yellow metal.

Comex Gold Technical Levels

The metal has an immediate resistance at 1235.45 (3-week tops) and 1247.36 (200-DMA). Meanwhile, the support stands at 1223.92/24 (50 & 20-DMA) below which doors could open for 1216.09/1215 (10-DMA/ round figure).

1. R3 1243.53
2. R2 1239.53
3. R1 1236.71
PP 1232.71
1. S1 1229.89
2. S2 1225.89
3. S3 1223.07

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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