Gold recovers from 2-week low on risk aversion

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold prices recovered from the two-week low as oil driven losses in the European equities triggered a flight to safety.

    Tracks oil ahead of US data

    The yellow metal could continue to track oil price gyrations and the resulting impact on the overall market sentiment ahead of the data release in the US, which is expected to show retail sales dropped in February.

    Meanwhile, markets are also considering a slim possibility of a rate hike tomorrow and that could keep the metal under pressure. The metal currently trades around $1235/Oz; largely unchanged on the day.

    Gold Technical Levels

    The immediate support is seen at 1227 (23.6% of Dec low-Mar high), under which prices could test bid around 1200 levels. On the other hand, a break above 1240 (Feb 18 high) would expose 1261.15 (previous day’s high).
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