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Gold strengthens on USD weakness

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold advanced for the second day to a four day high of $1270.93 as dollar selling continued in Europe.

    Awaits US opening bell

    Metal traders now wait to see if US desks join the dollar selling frenzy. Moreover, US traders did get an opportunity to react to dovish Fed; hence the selling may come to a halt today. Markets would also keep an eye on the US weekly jobless claims figure.

    Meanwhile, European stocks have turned lower and the US index futures are trading in the red. The resulting risk-off may add to bullish tone around the safe haven metal.

    Gold Technical Levels

    The immediate hurdle is seen at 1283 (Mar 11 high. A violation there would expose $1300. On the other hand, immediate support is seen at 1263 (monthly 100-MA), under which prices could test bid around 1227 (23.6% of Dec low-Mar high).
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