Gold Spot Hit Full Target $1310, Now Watch $1313
Gold Spot Trading Tips : Gold Technical Tips – Buy For Target $1302—$1310
Gold Spot – Keep Eye on $1,313 Level, Above Next Target $1318—$1324
Gold hit a near two-week high on Wednesday, supported by softer U.S. economic data and as the European Central Bank reinforced an accommodative monetary policy, with focus turning to the minutes from the U.S. Federal Reserve’s March meeting.
Spot gold was up 0.2 percent at $1,306.88 an ounce at 10:27 a.m EDT (1427 GMT), its highest since March 28. U.S. gold futures were also up 0.2 percent at $1,310.40.
The European Central Bank kept its ultra-easy monetary policy unchanged as expected on Wednesday, giving recent stimulus measures time to work their way into the economy and counter spreading global gloom.
“Draghi was leaning dovish and there are also dovish expectations for the Fed minutes this afternoon,” said Tai Wong, head of base and precious metals derivatives trading at BMO, adding that U.S. consumer price data was mild.
Gold Yellow Metal Bulls Good Upside Momentum
U.S. consumer prices increased by the most in more than a year in March, but underlying inflation remained benign against the backdrop of slowing domestic and global economic growth.
Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell for the seventh consecutive session on Tuesday and are at their lowest level since November.
