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Gold Update

Gold continues to extend gains following the fact that channel support held a few weeks back.

The metal is likely to maintain a positive outlook and continued gains would open 677.60, Feb 28 high and if this level gives way, would open 689.00, the Feb 27 high.

Note that the channel resistance is located at 706.08 while support is at 642.39 and these two points mark the key medium-term boundaries.

Initial support is at 655.50, and should hold near-term if the current positive outlook is to be maintained.

Momentum has improved and continues to offer a positive backdrop.

Gold Update

Gold Update
1st Support lies at 668.64
2nd Support lies at 661.13

1st Resistance lies at 677.50
2nd Resistance lies at 687.35

Market Update

RBA held rates steady today, but a chance of a future rate hike is still very likely.

The market is currently pricing 12-13 bp for the May meeting.

CPI reading in late April will be a key oindicator to the RBA.

BoJ's Mutu hit wires in Asia saying that rate adjustments will be gradual and prolonging low rates may hamper growth. Standard comments but USDJPY remain bid. We look for a break in Europe of 119.00 to send the pair for test of the 120.00 level.

European stocks back on track and is bound to test the highs from February, presently at 7,040 in DAX.

Gold Futures Update

Comex gold has a softer tone in the early going, dragged down in part by a decline in crude oil, There are thoughts that the Iran-U.K. standoff might be resolved.

June gold is down $2.30 to $669.20.
The area around $663 will be key support.