Gold Clocks Three-Week High
Gold jumped to a three-week high of $1252.63 levels in Asia as china’s inflation data triggered speculation that China will continue its loose monetary policy.Trades around $1250
The metal currently trades around $1250, its highest levels since March 23rd. Asian equities dropped in early trading which also added to the bid tone around metal. However, Asian indices quickly recovered losses but failed to weaken gold as dollar dropped 0.20% against basket of currencies.
Ahead in the day, the metal may continue to find buyers if comments from Us Treasury secretary Jack Lew and Fed’s William Dudley signal the Fed is unlikely to raise rates anytime soon.
Gold Technical Levels
The
immediate hurdle is noted at $1260 (Mar 22 high), above which prices
could target $1271 (Mar 17 high). Next major hurdle is noted at $123.01
(Mar 11 high). On the other hand, a break below $1243.98 (daily low)
would expose $1226.38. Next major support stands at $1200 levels.
(Market News Provided by FXstreet)
