Gold: Bulls unstoppable, $ 1280 back on sight
8 March, 2016
GoldВ futures on Comex prolong their upwards trajectory into fifth-day today on no Fed rate-hike chatter next week and on robust fund inflows.
Gold bounces-off a dip near hourly 50-SMA
Currently, gold rises 0.76% to 1273.70, quickly fading a spike to 1275.70 seen some minutes ago. The bullion found strong bids near 1266 region and regained momentum thereon, now extending higher towardsВ
thirteen-month highs of 1279.90.
A renewed rally in the precious metal can be attributed to the persistent risk-off market profile, especially after the poor Chinese trade data reinforced China slowdown fears and rattled investors’ confidence yet again. While, fading Fed rate hike bets at its March 16 meeting, also contributes to the upsurge in gold.
Adding to this, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund continues to remain near the highest since September 2014 at 25.5 million ounces.
Nothing of note on the US macro calendar and hence, the broader market sentiment will continue to drive the gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1280 (round number) and 1286.76 (daily R3). Meanwhile, the support stands at 1267.17/66.33 (1h 50-SMA/ daily low) below which doors could open for 1260 (psychological level).
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