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  
Gold bounces off lows

Renewed trade-war fears push USD higher and prompt some fresh selling. Reviving safe-haven demand lends some support and helps limit downside. Fed...

GBP futures downside looks limited

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...

Gold clocks 10-day highs near $1263

Technical correction extends above $ 1260 amid broad-based USD weakness. Lingering US-Sino trade tensions support, as the focus shifts to the US CPI...


Dollar holds below mid-94.00s

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...

Dollar clings to daily gains above 95.00

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...

US Dollar rebounds beyond 94.80

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...


WTI downside opening up to $69.50

Looks vulnerable amid OPEC, non-OPEC output lift talks, stronger USD adds to the weight. Technical set up also indicate further downside risks...

Gold climbs back closer to weekly tops

Dovish FOMC minutes prompt some USD profit-taking and help regain positive traction. Sliding US bond yields/cautious mood provides an additional boost...

Gold eases from 1-month tops

Gold surrendered early modest gains to fresh 1-month tops and is currently placed near session lows, touched in the past hour. Easing fears of a full-blown...


In the past 24 hours Bitcoin has gained 1.18% and reached $6360.78341971. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0.7799% and is now at $1.1681. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 19.73% and is now at $211.850825801. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM88%
3HYCMHYCM87%
4Alfa-ForexAlfa-Forex86%
5FxProFxPro85%
6FIBO GroupFIBO Group84%
7OctaFXOctaFX83%
8HotForexHotForex82%
9FXCMFXCM79%
10AvaTradeAvaTrade77%
  


Share: