Gold dipped today after USD strengthened. However, the political uncertainty in Europe with the UK triggered Article 50 trigger has capped the losses of Gold. Providing further insights ADS Securities foresees a bullish Gold above 1258. How will today’s US data impact gold?
30 March, ADS Securities – The yellow metal traded in the positive territory for the fourth successive session yesterday, despite upbeat economic data in the US and possible rate hike talks among number of Fed officials. Currently, the price is attempting to regain upside momentum after starting the session on a negative tone.
Bullish Gold above 1258
The key technical barrier is placed at the $1251 where EMA 55 is trading, followed by the $1254 and $1258 levels. A sustained break above the latter might lead to further acceleration to the upside. However, the MACD indicator trading below the centreline, suggesting at likely weakness in the near term.
Key technical support is positioned at the $1248 level, followed by the $1247 and $1245 where EMA 200 is trading. A move back below the latter might trigger bearish momentum in the precious metal.
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