Gold clocks fresh 13-month high
By FXStreet Gold’s ascent continues in Europe, with prices clocking a fresh 13-month high of $1274.79 levels ahead of the US non-farm payrolls report.
Trades above monthly 100-MA
Prices took out $1263 (Feb high + monthly 100-MA) on Thursday and extended gains today. However, the rise seen today cannot be blamed to specific fundamental factor.
The rally could be representing a rise in demand for the yellow metal in world’s top buyers of gold – China and India. PBOC and RBI have embarked/or about to embark on a rate cut cycle, which is widely expected to push up demand for the metal.
Meanwhile, falling Fed rate hike bets is helping the metal strengthen as well. The traders now await the US non-farm payrolls report due later today in the US.
Gold Technical Levels
The metal currently trades around $1272/Oz. The immediate hurdle is seen at 1285.80 (Feb 1 high), above which the prices could test the psychological level of $1300. On the other hand, a failure to sustain above $1263 (Feb high + monthly 100-MA) would open doors for a re-test of multiple supports on the daily chat seen around $1240.
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Source:: FX Street
