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Gold clocks three-week high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold jumped to a three-week high of $1252.63 levels in Asia as china’s inflation data triggered speculation that China will continue its loose monetary policy.

    Trades around $1250

    The metal currently trades around $1250, its highest levels since March 23rd. Asian equities dropped in early trading which also added to the bid tone around metal. However, Asian indices quickly recovered losses but failed to weaken gold as dollar dropped 0.20% against basket of currencies.

    Ahead in the day, the metal may continue to find buyers if comments from Us Treasury secretary Jack Lew and Fed’s William Dudley signal the Fed is unlikely to raise rates anytime soon.

    Gold Technical Levels

    The immediate hurdle is noted at $1260 (Mar 22 high), above which prices could target $1271 (Mar 17 high). Next major hurdle is noted at $123.01 (Mar 11 high). On the other hand, a break below $1243.98 (daily low) would expose $1226.38. Next major support stands at $1200 levels.
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