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XAU/USD: near the support level of 1210.00

Increased propensity of investors to buy riskier assets led to yesterday's growth of stock indices. Negative US economic data give reason market participants assume that the Fed will abstain from further while increasing the interest rate that will keep the soft conditions for the US economy.

Yesterday's rise in oil and commodity prices also contributed to the revival of investor optimism and growth indexes.
Increased appetite for risk contributed to the exit of investors from safe-haven assets - gold and US government bonds and buying US stocks and indexes yesterday grown by an average of 1.5%.

Gold futures fell 1.7%, while the price of spot-dropped to a mark of 1210.00 dollars per ounce.

The decline of quotations of gold recovery and optimism among investors comes amid expectations of QE expansion program in the euro area and the preservation of loose monetary conditions in the United States. The nearest meeting of the ECB and the Fed's monetary policy will take place on 10 and 15-16 March.

From the news today are waiting to 15:00 (GMT) the publication of US consumer confidence level in February (forecast 97.0 vs. 98.1 in January). If the findings are confirmed, the gold price could rise and the dollar will fall in the market.

Technical analysis and trading recommendations - https://fxpcm.com/fx/xau-usd-near-support-level-121000

 

Tuesday, 23 Feb, 2016 / 1:11

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Source : http://fxpcm.com/fx/xau-usd-near-support-level-121000

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