The gold market is known as the “safe harbor” in the global forex market. When we look at the outlook of the Gold market for March, we could observe a fluctuating trend. With the second part of the month of March, the gold prices started to increase and reached to 1228 USD on March 17th.
Gold prices appreciated as investors increased demand for safe havens in an environment of increasing political risk this year, such as the presidency of Donald Trump, the Brexit process, and European elections. Prior to the Fed's decision, precious metals, which fell back with FOMC members and President Yellen's statements, turned upward again after the decision and headed for the first weekly gain of the month. Gold prices, which have managed to cling to the 1225 level together with the announcements from the Fed, accelerated the bullish movement with the upward correction in petroleum boosting inflationist pressures.
If we do not see any closure on the 1230 resistance in the technical view, the rises may continue until the 1237 level. Below, 1220 support level will be considered the possibility that the possible corrective action will come to an end. With the first days of April, we can see a bit positive trend on the gold market, but as a long-term forecast of gold market for April, there can be a horizontal trend during the month.
- Date: 23 March 2017 Thu 12:52
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