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).


Source link  
EUR sluggish in recent weeks

EUR has also been surprisingly soft in light of the convincing win by French President Macron...

EUR/USD sinks to session lows

The single currency is now losing the grip vs. the buck, sending EUR/USD to test the area of daily lows in the 1.1240/30. Spot met extra downside pressure...

Euro is consolidating below the 1.1300

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still points to some consolidation...


Dollar Index rebound looks plausible

In view of the analysts at Societe Generale, the Dollar Index correction appears to have come...

Oil closed strongly

Oil prices rallied after the EIA weekly report showed gasoline inventories declined the most at this time of the year for at least five years. Stocks dropped 3.26 million barrels to 238.2 million barrels. The market was also buoyed by a fall in US oil production, down 55kb/d to 8.46mb/d last week...

Gold hovering around 3-week high

Gold on Wednesday traded in a narrow band but maintained its bid tone and is hovering around 3-week high level touched on Tuesday to currently trade around $1364 region...


US Dollar weaker, finds support at 97.00

The greenback, tracked by the US Dollar Index, is now picking up some pace after finding some support in the 97.00 neighbourhood...

Gold rises to a four-week high

After hitting a four week high level of $1284 during early late Asian early European session, Gold prices remained bouyant for fourth session in a row and are currently holding steady around $1282 level...

Gold pauses after hitting three-week high level

Gold is seen retracing a bit from a 3-week high level of $1266 touched during Asian trading session on Thursday and is currently trading with only a marginal cut, at $1261...

  


Share: