Gold Surpass 1250 Mark
Disappointing US housing data provided the required boost for Gold to extend its momentum and move above $1250 psychological mark.
Adding
to the recent disappointment from monthly retail sales data, housing
starts and building permits release for the month of March continued
fueling speculation that the Federal Reserve might be forced to delay
its decision to raise interest rates again. Building permits came-in at
1.09M against 1.20M expected and with similar print, housing starts too
was below consensus estimates.
Gold aiming higher levels
Technical
chart suggests that the yellow metal has the steam to continue scaling
higher levels for the day, immediately towards $1254 area. Intraday
weakness back below $1246 would negate the bullish bias, taking it back
towards $1241-40 support area.
