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2 Mar 2015

Gold falls below 50% Fibo level

FXStreet (Mumbai) - Gold prices erased part of their gains to trade below the 50% retracement (1307.3-1131.9) located at USD 1219.5/Oz levels.

Gold: will it fall below 100-DMA?

The metal has declined from the high of USD 1223.1/Oz levels to trade currently at USD 1216.9/Oz levels. The interest rate cut in China provided a temporary boost to the prices. However, the upbeat manufacturing reports across the Eurozone and the positive action in the European equity futures weighed over the metal. Meanwhile, a lackluster USD index fails to provide clear clues to the metal.

The metal may drop below the 100-DMA located at USD 1215.46/Oz levels if the US equity markets begin the week on a positive note. On the other hand, strength in the USD and/or risk aversion in the equities could help the metal sustain above 100-DMA.

Gold Technical Levels

The metal currently trades 0.33% higher at USD 1217.20/Oz levels. The immediate resistance is located at 1219.5, above which prices could re-test the daily high of 1223.1. On the flip side, support is seen at 1215.46, under which losses could be extended to 1211.76 (5-DMA).
Mar 2, 2015

AUD/USD finds support above 0.7750 ahead of US data and RBA

The AUD/USD pair started the week lower despite Chinese economic data and the rate cut by the People’s Bank of China.
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Mar 2, 2015

BoC to forgo rate cuts in March – BAML

According to BofA-Merrill Lynch, with Poloz’s speech indicating that the January rate cut was sufficient “insurance” against the downside risks from oil, and oil prices currently near the assumption level, a rate cut by the BoC is highly unlikely in March.
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