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Gold turns positive, trades around $1220

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold prices turned positive after a dismal US personal spending data saw dollar suffer losses across the board amid holiday thinned trade.

    Supported at $1208

    Prices reversed trend from the daily low of $1208 to trade around $1216 levels ahead of the US data release. The recovery ahead of the data lacked any fundamental trigger and appears largely chart driven.

    Prices extended gains further to a session high of $1221.01/Oz levels after the data in the US showed consumer spent less and pushed savings rate to one-year high. Even though the treasury yields remains largely unchanged after the data release, dollar suffered losses.

    The focus now is on the news homes sales and Dallas Fed manufacturing release.

    Gold Technical Levels

    Prices need to take out $1225.61 (Mar 15 low) in order to have a re-look at hurdle at $1240 (Mar 21 low). On the lower side, prices could test $1191.53 (Oct 15 high) if the psychological support at $1200 is breached.
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