2 March, 2016
Gold found takers below 10-DMA level of $1128 levels and recovered to trade largely unchanged on the day around $1230/Oz levels.
Rate cuts in Asia support prices
The demand for the metal remains intact after China rate cut increased prospects of retaliatory action by other central banks in Asia. A fiscally prudent budget by Indian government has also opened doors for a rate cut by Reserve Bank of India.
Consequently, the demand for gold from top two consumers could increase and that appears to be supporting the yellow metal.
The metal traders now await the release of the US monthly ADP private sector employment report.
Gold Technical Levels
The metal printed a daily low of $1224.10/Oz levels, before recovering to trade around $1230/Oz. The immediate resistance is seen at 1241.88 (Feb 29 high), above which the gains could be extended to 1253.32 (Feb 24 high). On the other hand, a break below 10-DMA at 1227.90 would open doors for a slide to 1210.80 (Feb 26 low).
Bulls fail to capitalize on the recent recovery move from over one-month lows. A goodish recovery in European equities dampens safe-haven demand. A modest USD
The index comes under further selling pressure and tests the 96.00 handle. Yields of the US 10-year note ease from tops beyond 3.17%. US Non-farm...
Renewed trade-war fears push USD higher and prompt some fresh selling. Reviving safe-haven demand lends some support and helps limit downside. Fed...
In light of advanced data for GBP futures markets from CME Group, investors scaled back their open interest positions by almost 1.8K contracts on Thursday from...
Technical correction extends above $ 1260 amid broad-based USD weakness. Lingering US-Sino trade tensions support, as the focus shifts to the US CPI...
Lingering trade war fears keep the USD bulls on the defensive. Thin liquidity conditions also hold traders from placing aggressive bets. This week's important...
The greenback, in terms of the US Dollar Index (DXY), is sticking to the positive territory so far today and so far manages well to keep the trade above 95.00...
The greenback bounces off lows, approaches 94.90. Yields of the US 10-year note remain sidelined so far. NAHB index came in below expectations in June...
Looks vulnerable amid OPEC, non-OPEC output lift talks, stronger USD adds to the weight. Technical set up also indicate further downside risks...