Spot gold is holding steady in the mid 1650’s this morning in Asia as a renewed surge in safe-haven appetite hauled the metal off lows yesterday of $1632 to $1663.10 in late NY trading. Gold fell sharply in the morning with other related commodities and was dragged down by plummeting crude prices, but later broke free from those ties as bargain hunting, short covering and fresh safe-haven attraction surfaced and equities attempted a weak recovery. The metal has drifted off slightly this morning from the NY close of $1659.90 to lows of $1653.60 put has since recovered to trade around $1656.30. As for today’s trading, initial resistance is seen up at yesterday’s $1663.10 high with a break there leading up to $1677.70/1681.15 (100 day MA/Apr 3 highs). Support comes in at $1632 and $1620.35.
EasyForexNews Research Team