Gold ticks higher in Asia, but stays below $ 1230

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold is seen reversing a part of yesterday’s losses and defends mild gains on Thursday, amid modestly higher Asian equities and broad based USD recovery.

    Gold supported above $ 1220

    Currently, gold trades +0.08% at 1227.70, attempting recovery towards $ 1230. The yellow metal is seen making minor recovery attempts in the Asian trades this Thursday as the Asian stocks continue to wobble, while the upside seems capped on the back of a minor upward correction seen in the US dollar against its major peers after three back-to-back sessions of losses.

    The bullion fell sharply in the previous session after it hit the major resistance near 1245 levels, while a rally in the global equities along with a better-than expected US ADP print also collaborated to the downbeat sentiment around gold.

    Looking ahead, traders now eagerly await Friday’s payrolls data amid a number of Fed speaks for next direction on the prices. Whilst for today, the US calendar offers the weekly jobless claims and Chicago PMI, which may keep the gold markets busy.

    Gold Technical Levels

    The metal has an immediate resistance at 1230 (round number) and 1233.81 (1h 200-SMA). Meanwhile, the support stands at 1223.72 (1h 100-SMA) below which doors could open for 1220 (psychological levels).
    For more information, read our latest forex news.

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