Gold on Monday 20th March 2017, Gold prices down by 4pts (0.01%) & closed at 28505 trading range between 28490-28599 and April Comex Gold futures closed at $1234.00, division of the New York Mercantile Exchange.
Gold prices managed to hold last week’s gains on Monday as the dollar retreated against a basket of currencies, while markets await Fed official’s speeches this week.
Golds current rise comes after recovering last week following the Federal Reserve’s rate hike decision, while reaffirming the gradual approach to tightening the policy this year, underpinning the precious metal and hurting the greenback.
On the other hand, markets await a spate of speeches by Fed officials this week, most importantly Fed Chair Yellen, to take clues about the banks future monetary policy after asserting its forecast for three rate hikes this year.
On the other hand, the G20 meeting saw the dropping of the free and open global trade pledge from the Groups final statement, under heavy pressure from U.S. president Trumps administration, raising concerns about the future of U.S. trade under Trump and raising demand on gold as a safe haven.
Traders may note today’s economic event
Tuesday, March 21th
FOMC Member Speaks (GMT 15:30 & 21:30 LOCAL 3:30PM & 09:30PM) New York Fed President William Dudley, Kansas City Fed President Esther George and Cleveland Fed President Loretta Mester are all due to make public appearances.
Gold prices edged higher on Monday, but not sustained above getting selling pressure on higher range which makes profit booking. We have analysed that Gold Hourly chart formed “Bullish Symmetrical Triangle”.
The Wait breakout of the symmetrical triangle above green Trend Line is at 28550 levels. And next upside move 28650-28750 on intraday.
This is a situation where we need to be careful. This is predicted because when the break below the trend line is at 28400-28350, the selling pressure will return to 28000 level. It is also anticipated that Gold break above green thick line will be around 28550.
In short term, I would suggest that, although there is a large scope of resistance just above, our target should be the 29000 level. There is a pullback offer expected at any time.
Today Research Reports call:
Buy Gold Dips on 28450 Target 28550-28600 Stop loss 28350.
Gold Sell Below 28350 target 28250-28000 Stop loss at 28400
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