Gold on Thursday 16th March 2017, Gold prices up by 426pts (1.52%) & closed at 28411 trading range between 28325-28540 and April Comex Gold futures closed at $1227.10, division of the New York Mercantile Exchange.
Gold prices rallied to a more than one-week high on Thursday, after the Federal Reserve sounded more dovish than anticipated on future rate hikes.
The Fed on Wednesday raised its benchmark interest rate by 25 basis points to a target range of 0.75%-to-1% in a widely-expected move, but said further increases would only be "gradual." Gold prices rebounded as the dollar lost ground, and yields U.S. moved lower. Prices were higher during the European session, following the results of the Dutch election.
The Euro-zone populist movement may be turning as the Dutch election not only saw PM Rutte beating populist Wilders by a much wider than predicted margin which showed a surge in support for pro-EU parties on the left.
Meanwhile a mixed batch of economic data had a muted effect on the yellow-metal as it continued to trade near session highs.
Weekly initial jobless claims fell to 241,000. Housing starts rose to a seasonally adjusted annual rate of 1.288 million in February while the Philadelphia Fed Index topped forecasts at 32.8 for March. Both the Philadelphia Fed Index and the housing starts beat forecasts
Traders may note today’s economic event
There is no major economic event on Friday, March 17th
Yesterday Gold rally moved higher rate 28500 level, as per Enrich Research desk first target has been completed. Momentum has turned positive as the short term, so We looking 1 hour charts in Gold Market formed “symmetric triangle” in this pattern the current uptrend in price may continue through a steady uptrend. I think that if we can break above triangle line there it’s time to start buying Gold at 28450.The market should then go to the 28550-28600 level, place your stop loss 28350. Although alternatively break below support line and close the candle at 28350, Generating fresh sell below order at 28350 target 28300-28250 stop loss at 28450.
Today Research Reports call:
Gold Dips on Buy around 28400 target 28450-28550 stop loss at 28350.
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