How is the yellow metal currently trading on Monday? What are the 12 March Gold Price Analysis? Let us see how ADS Securities’ analysis will answer these questions.
12 March, ADS Securities – The safe-haven commodity jumped in Friday’s session after soft wage growth in the US cooled speculation that the Fed could move more aggressively in raising rates this year.
12 March Gold Price Analysis
At present, the yellow metal is trading in a short range of $1321-$1324 on the 1H chart, suggesting at consolidation in the coming session. However, the MACD indicator is placed above its midline, hinting at likely upside momentum in the near term. Immediate resistance is seen at the $1326 level, followed by the $1330 and $1334 levels.
A break and stability above the latter might lead to further acceleration to the upside. On the other hand, key support is positioned at the $1320 level, followed by the $1316 and $1312 levels. If the latter fails to hold, it might trigger negativity in the precious metal.
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