Gold Fails Near 20-DMA Resistance, Fed Minutes in Focus
Gold prices
reverse a part of yesterday’s solid rebound and now waver around $ 1230
barrier, on improved risk sentiment as Asian equities rebound along
with the oil prices.
Gold eyes FOMC minutes for fresh direction
Currently,
gold trades marginally lower at 1230.23, easing-off session highs
reached at 1232.27 earlier on the day. The yellow metal takes a pause
from the previous rebound in the Asian trades, as the relief rally in
the Asian equities curb the safe-haven demand for gold, while a robust
recovery in the oil prices also boost sentiment and hence, weighs on the
bullion.
Moreover, the US dollar attempts minor-recovery
against its major peers, which also adds to the downside pressure on the
dollar priced-in gold. Meanwhile, the USD index is up 0.08% at 94.70
levels.
Focus now remains on the main risk event for the precious
metal this week, the FOMC March meeting minutes due to be published
later in the NA session, which is expected to have significant impact on
the non-interest bearing gold.
Gold Technical Levels
The
metal has an immediate resistance at 1236.50 (20-DMA) and 1240 (round
number). Meanwhile, the support stands at 1219.14 (50-DMA) below which
doors could open for 1215/14 (previous lows).
(Market News Provided by FXstreet)
