25 Mar 2016
Gold suffered worst weekly loss of 2016
Gold ended lower for the third straight week and suffered its worst weekly loss as hawkish talk from Fed officials tarnished the metal’s appeal.
Fed rate rise talks supports US dollar
Rising expectations for a Federal Reserve interest-rate hike helped the dollar strengthen at the expense of metals. Prices settled at $1216.70/Oz in the late NY session on Thursday. This means a weekly loss of 2.6%.
Gold market is closed today for Good Friday observance ahead of Easter. Hence, metal traders may react to an upwardly revised GDP release next week by sending the metal lower.
Gold Technical Levels
Prices need to take out $1225.61 (Mar 15 low) in order to have a re-look at hurdle at $1240 (Mar 21 low). On the lower side, prices could test $1191.53 (Oct 15 high) if the psychological support at $1200 is breached.
Fed rate rise talks supports US dollar
Rising expectations for a Federal Reserve interest-rate hike helped the dollar strengthen at the expense of metals. Prices settled at $1216.70/Oz in the late NY session on Thursday. This means a weekly loss of 2.6%.
Gold market is closed today for Good Friday observance ahead of Easter. Hence, metal traders may react to an upwardly revised GDP release next week by sending the metal lower.
Gold Technical Levels
Prices need to take out $1225.61 (Mar 15 low) in order to have a re-look at hurdle at $1240 (Mar 21 low). On the lower side, prices could test $1191.53 (Oct 15 high) if the psychological support at $1200 is breached.