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 …
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.
