Gold bid in Asia on increased safe-haven flows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold extends gains for the second straight session this Monday as investors seek safety assets amid oil-driven sell-off across the financial markets.

    Gold: $ 1240 tested

    Currently, gold trades 0.17% at 1235.92, retreating from session highs of 1239.53. The bullion trims gains, although remains well bid as the demand for safe-haven remains buoyed in light of persistent risk-off market profile triggered by oil declines, following a no deal struck between major oil producers on output freeze last Sunday.

    Moreover, the recent retreat in the US dollar against its major peers also supported the upside in the yellow metal. In the day ahead, in absence of fresh economic updates from the US docket, focus will remain on the broader market sentiment and Fed official Dudley’s speech.

    Gold Technical Levels

    The metal has an immediate resistance at 1240 (round number) and 1244.17 (Apr 14 High). Meanwhile, the support stands at 1225/23 (previous lows) below which doors could open for 1220 (psychological levels).
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