Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Gold trades lower, markets eye major events today for further direction

  • Gold edged lower almost $10 from the high of $1296.20 and it is currently trading around $1285.
     
  • Market braces for key events today for further direction. Major events for the day UK election, ECB decision and Former FBI director Corney testimony before senate.
     
  • EURO declined yesterday as ECB said to downgrade inflation forecasts tomorrow meeting.  ECB is expected to keep its interest rates unchanged at 0% and deposits rate at -0.4%.
     
  • In the daily chart, gold’s near term support is around $1272 (10 – day MA and 200 –H MA) and break below will drag the commodity down till $1264 (21- EMA)/$1259.
     
  • On the higher side, any close above $1295 (Apr 17th 2017) will take the commodity to next level till $1337/$1352.

It is good to buy on dips around $1273 with SL around $1264 for the TP of $1295/$1337. 

 

 

 

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.