Gold Price Technical Forecast


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.

Disclaimer

This article 12 March Gold Price Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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