Friday, March 2, 2018

Gold, Euro Usd and Gbp Usd … the recovery war started Mar 2, 2018

Gold remained under pressure and extended its sell-off to the 1300 handle on Thursday. The spot found fresh bids around the level and pulled back after that. Buyers struggled to build on overnight recovery and managed to lead the yellow metal to 1320. Gold has room to recover higher. In this potential scenario buyers could drive the spot to 1325.

Buyers seem to be guarding the level 1.3700. The price bounces from the mark on every attempt to the downside. If sellers fail to regain this level today the pound may start a recovery next week. If so, the major may reverse its lost ground and move to 1.3850.

Sellers failed to regain the 1.2150 handle and gave up control. The euro bounced from the oversold area afterwards and jumped towards 1.2300. If the pair stays above 1.2250, it may extend its recovery to 1.2350 today.


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