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Gold attempts tepid bounce from 1-month lows, US data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold futures on Comex bounced-off one-month lows and recovered more than half the slide amid holiday-thinned markets, as focus now shifts towards a spate of US economic data due for release later in the NY session.

    Gold: revisiting $ 1220 barrier?

    Currently, gold drops -0.38% to 1218.90, retesting daily highs posted previously at 1220.60. The yellow metal picked-up significant strength in the last hour, having found fresh bids near 1216 region, after the US dollar shed a part of the previous gains and consolidated the upside before the release of the US macro updates.

    Moreover, negative close on the Japanese and Chinese stock markets amid low volumes and poor volatility also spurred safe-haven demand for the bullion and therefore, supported the ongoing recovery from one-month lows struck at 1210 in early Asia.

    Later today, from the US docket we have the Fed’s preferred gauge PCE index, pending home sales, goods trade balance and personal spending data, which may throw more light on the Fed April/ June rate hike prospects.

    Gold Technical Levels

    The metal has an immediate resistance at 1220.60 (daily high) and 1230/32 (round figure/ 1h 100-SMA). Meanwhile, the support stands at 1200 (psychological levels) below which doors could open for 1196.50 (Feb 17 Low).
    For more information, read our latest forex news.

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