Gold regains poise, set to test $ 1250

27 April, 2016

The bullion ran through fresh bids during the European session, now pushing further towards $ 1250 mark as we head closer towards the Fed interest rate decision.

Gold: Short-covering ahead of Fed

Currently, gold trades 0.30% higher at 1246.30, retreating from fresh session lows reached at 1247.80 last hours. The bullion regained lost footing and climbed back higher as markets resorted to repositioning ahead of the key FOMC statement, which may set the tone for further moves in the dollar-denominated yellow metal. Moreover, with markets pricing in a no-hike at today’s meeting, the bullion found fresh impetus and rebounded higher. Gold tends to benefit in a low interest rate environment, as it’s a non-interest paying investment asset.

Although the prices maintain a range bound movement as focus remains on the Fed’s language in the FOMC statement, and if provides any hint on June rate hike prospects. 

Gold Technical Levels

The metal has an immediate resistance at 1250 (psychological levels) and 1257/58 (previous tops). Meanwhile, the support stands at 1241/40 (1h 200-SMA/ round number) below which doors could open for 1238 (1h 50-SMA).


Source link  
Dollar weakens farther below 92.00 handle

The greenback held on the defensive at the start of 2018, with the key US Dollar Index languishing near its lowest level in over three months...

Environment changes for central banks

2017 may have been extraordinary in terms of the political influences on G10 FX markets, but central banks have stolen a fair share of market...

Gold hangs closer to 5-month lows

Gold came under some renewed selling pressure on Wednesday and eroded majority of its previous session's recovery move from near 5-month lows...


EUR futures: deeper pullback not ruled out

According to CME Group’s flash data for EUR futures markets, traders increased their open interest positions by more than 19.1K contracts...

US Dollar looks to retake 92.00

The greenback, tracked by the US Dollar Index (DXY), is facing strong resistance in the boundaries of the 92.00 handle ahead of the opening bell...

EUR/GBP hits fresh highs

The British Pound faded UK manufacturing PMI-led minor up-tick, lifting the EUR/GBP cross to fresh highs since mid-March...


Oil sees a flash crash

Oil prices on both sides of the Atlantic witnessed a sharp downward spike, following comments from oil ministers of leading OPEC producers...

Euro under moderate pressure

The research team at Lloyds Bank explains that the euro, along with the pound, has outperformed over the past month...

Gold hanging near 3-week lows

Gold oscillated in a narrow trading band, with slight negative bias, and was seen consolidating...


In the past 24 hours Bitcoin has lost -3.81% and reached $9017.25. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -1.2229% and is now at $1.2229. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 22.02% and is now at $630.934. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM87%
3HYCMHYCM85%
4FxProFxPro84%
5FIBO GroupFIBO Group82%
6FXCMFXCM70%
7XMXM68%
8Fort Financial ServicesFort Financial Services67%
9Alfa-ForexAlfa-Forex66%
10HotForexHotForex66%
  


Share: