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.