A look at the 12 March Gold Price Technical Forecast shows that the yellow metal has extended its post-NFP consolidative price action and remained confined within a narrow trading range around the $1320-25 band. What is more?
12 March, GKFX – With the latest US jobs report easing inflationary fears, the US Dollar ticked lower and was seen lending some support. The positive factor was largely negated by a global risk-on trade, which was seen denting the precious metal’s safe-haven appeal.
US bond yields add to the downward pressure
This coupled with a goodish pickup in the US Treasury bond yields further weighed on the non-yielding yellow metal and contributed to a range-bounce price action through the early European session.
There aren’t any major market-moving economic releases due on Monday and hence, a combination of diverging forces could lead to a subdued trading action ahead of this week’s other important US macro data.
12 March Gold Price Technical Forecast
Immediate resistance is pegged near $1325 level, above which a bout of short-covering could lift the metal towards $1333 intermediate hurdle en-route $1340 supply zone. On the flip side, weakness below $1320 level now seems to find some support near $1317-16 area, which if broken might turn the commodity to slide below $1313-12 intermediate support and head towards testing 100-day SMA, around the $1302 region.
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