Gold found bids below 10-DMA, recovers losses

March 2, 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).

Publication source
HYCM information  HYCM reviews

October 28, 2016
Greenback sticks to three-month peaks
On Friday, the Japanese yen remained close to it weakest level against the greenback for three months during Asia trade, right after a surge in American bond yields as well as the issue of economic data backing the case for growth in American interest rates strengthened the US dollar overnight...
October 28, 2016
Dollar remains king
The mounting expectations over the Federal Reserve raising US interest rates in December have inspired bullish investors to send the Dollar Index to fresh eight-month highs at 99.00...
October 28, 2016
OPEC is ready to formally seal the output
The crude oil gains as the Algerian Energy Minister Noureddine Butarfa hit the market with a statement saying that OPEC has a plan to complete the formal part of the output freeze agreement in the next meeting...

Fort Financial Services Rating
OctaFX Rating
Larson&Holz IT Ltd Rating
Tickmill Rating
FxPro Rating
Orbex Rating

24option Rating
365BinaryOption Rating
IQ Option Rating
TropicalTrade Rating
TopOption Rating
OptionBit Rating