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Apr, 12th 13:46

Gold reached a three-week high on Tuesday due to the depreciation of the US Dollar. The greenback dipped to its lowest in nearly eight months, on expectations that the Federal Reserve will not raise U.S. interest rates soon. Uncertainty about the U.S. monetary policy and weak economic data have boosted investor sentiment towards bullion and other assets, which are considered as safe-haven, including the Japanese yen.

Last week, in spite of the positive inflation signals of the economy, New York Fed President William Dudley said that the central bank must be cautious when considering another rate hike, because of potential external risks to the U.S. economy. Yesterday, President Barack Obama and Federal Reserve Chair Janet Yellen had a discussion on both the short-term and long-term growth outlook, the status of the labor market and potential risks to the US and global economy.

Today, oil prices have been stable, with U.S. crude futures staying above $40 per barrel ahead of the meeting of major producers to discuss freezing output levels to deal with global oversupply. This Sunday, major oil producers from the Middle East and Russia, are going to have a meeting in Doha to talk about measures to cope with 2 million barrels of crude produced in excess of demand, every day.

The market is waiting for US import prices, the earliest government-released inflation data, to be released today. The price of imported goods and services purchased domestically is expected to rise 1.0% after the 0.3% decline in February. It contributes to inflation for companies and consumers, especially those who have a heavy reliance on imported goods and services.


Fig: GOLD D1 Technical Chart

Gold is gaining momentum and has hit a high of 1260.76, the highest level in more than 3 weeks, with the support of the two moving averages below. RSI is hovering around 59 and heading towards the overbought territory, indicating strong buying power. The price is anticipated to continue the uptrend and retest the resistance level at 1285.02, formed on March 11.

Trade suggestion

Buy Digital Call Option at 1262.63, Buy Digital Put Option at 1253.03.

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