Free Trial

XAU/CHF On Track for Best March on Record

GOLD
  • Modest USD weakness so far Tuesday (recall most sell-side models pointed to USD sales into March month-end) has worked in favour of spot gold - narrowing in on the cycle and all time high at 2220.89 printed last week. Further strength for gold may follow another bout of USD weakness this week, bringing next resistance at 2230.1 into play, the 1.50 projection off the Oct 6 - 27 - Nov 13 price swing.
  • Given the currency weakness in Switzerland following the surprise SNB rate cut last week, gold in CHF terms has touched a new alltime high Tuesday (1982.66) and marking a near 10% gain month-to-date - ranking as the best March for Gold/CHF on record and the 7th best monthly return since the year 2000.
  • Outside of the fading USD today - gold strength coincides with building easing expectations across G10 - while fraught geopolitics in the Middle-east and Russia also favour precious metals.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.