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Bullion Stabilises With Increased Pricing Of Fed March Hike

GOLD

Gold prices have been moving in a very narrow range during the APAC session after falling 0.5% on Tuesday following the post-SVB rally. It is currently around $1903.50/oz after an intraday high of $1905.68 and low of $1900.04 earlier. Prices are up 5% from last week’s low. The USD index is down slightly.

  • Bullion’s upward momentum lost steam when a larger probability of a 25bp hike at the Fed’s March 22 meeting was priced in by the market. Prices remain above the 50-day simple moving average. Support is at $1871.60, the March 13 low, and resistance is at $1923.20.
  • US February retail sales print later and are expected to decline after January’s very strong readings. The PPI for February is also released and expected to post smaller monthly rises than in January.
Energy BulletsCommodities
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