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
Related materials
Gold trimmed of the early gains to a six-week high and retreated to the $1262 region during early the European session, albeit has managed to hold...
The US dollar inched up from a 13-month low against a basket of six major currencies touched in early trading, assisted by strongerthan-expected...
The greenback selling pressure seems to have abated for the time being, with the key US Dollar Index (DXY) bouncing off 9-month lows...
The EUR/GBP cross was seen building on previous session's strong up-move and has now jumped to fresh yearly tops near 0.8875...
The dollar picked up over the past week, and this continued to be in reaction to a Fed that is being a little more hawkish...
EUR has also been surprisingly soft in light of the convincing win by French President Macron...
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...
In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still points to some consolidation...
In view of the analysts at Societe Generale, the Dollar Index correction appears to have come...
Top Brokers offering Forex Market Analysis
Forex Currencies Forecasts
| # | Broker | Review | |
|---|---|---|---|
| 1 |  | Easy Markets | 89% |
| 2 |  | FXTM | 84% |
| 3 |  | FxPro | 82% |
| 4 |  | FIBO Group | 80% |
| 5 |  | FXCM | 74% |
| 6 |  | HYCM | 72% |
| 7 |  | Fort Financial Services | 71% |
| 8 |  | HotForex | 70% |
| 9 |  | FBS | 68% |
| 10 |  | 24option | 66% |
