Gold Recovers from 5-DMA Support
Gold found support at 5-DMA level of $1247.87, but remains weak on the day around $1252.45 levels amid minor recovery in the USD index and moderate gains in the US stocks.
Is Gold unimpressed by dovish Fed?
Despite dovish Fed, fall in Fed rate hike bets and a sharp drop in the USD index, gold failed to take out $1263 resistance. Moreover, prices failed to challenge the latest cyclical high of $1283 even though other currencies clocked multi-week/multi-month highs against the US dollar.
Consequently, it appears buying interest in the metal has dropped. The immediate focus now is on speeches from Fed officials – Dudley and Rosengren.
Gold Technical Levels
The immediate hurdle is noted at $1263 (monthly 100-MA), above which metal could test offers around $1270.93 (previous day’s high). On the other hand, a break below $1247.48 (5-DMA) would expose $1236.93 (Mar 10 low).
(Market News Provided by FXstreet)
