Gold Recovers From Fresh One-Month Low Set in Asia

Gold Recovers From Fresh One-Month Low Set in Asia

24 March 2016, 07:57
Roberto Jacobs
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Gold Recovers From Fresh One-Month Low Set in Asia

Gold prices clocked a fresh one-month low of $1214.73 in Asia before trimming losses to trade around $1219/Oz levels with investors eyeing key data releases in the US.

Awaits US data

Metal was offered heavily on Wednesday as hawkish talk from Fed officials pushed up April/June rate hike bets. Prices fell from Wednesday’s high of $1250 to a low of $1214.73 in Asia today.

Traders now await US data release – weekly jobless claims, durable goods orders, and regional manufacturing indices. Markets would also keep an eye on Fed Bullard speech.

Gold Technical Levels

The immediate support is seen at $1200 handle, under which the losses could be extended to $1193.49 (38.2% of Dec low-Mar high) - $1191.53 (Oct 15 high). On the other hand, a break above $1127 (23.6% of Dec low-Mar high) could see the metal have a re-look at $1240.50 (Mar 21 low).

(Market News Provided by FXstreet)

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