Gold was able to receive some gains on Tuesday as investors began to take advantage of concern of the risk aversion caused by the vote on the Brexit deal. The European Commission approved UK\u2019s changes in the Brexit deal.<\/p>\n
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The British pound rose after the decision, as the dollar was pushed to a decline, prompting investors to buy commodities. At the same time, Attorney General Cox presented a legal advice letter in which he declared that the UK would have no legal means to arrange a Brexit deal.<\/p>\n
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The pound lost the gains shortly after, and started to fall against the US dollar. The British Pound (GBP \/ USD) is trading 0.90% negative today, after dropping from 1.3300 to 1.3025 amid new information regarding Brexit.<\/p>\n
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This decline led to a rise in the dollar index, but gold still holds gains with the unit trading sideways. Market analysts said that the low chance of Britain leaving the EU without any deal would boost the pound, and push the dollar back, supporting bullion. The risk environment supports gold despite the decline of the British pound.<\/p>\n
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On the other hand, economic data in the US, such as inflation figures for February might help the dollar, as well as precious metals. Gold advanced during today’s trading session, after rising to $1,290 an ounce. The yellow metal was positive after yesterday’s correction.<\/p>\n
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Gold is now moving between 1.290 and 1.300 but technical indicators are showing more gains will appear in the short and medium term. Currently, XAU \/ USD is trading at $1,295, or 0.17% positive today, as the pair continues to recover from 1,280 on March 7.<\/p>\n
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However, the latest political developments in the UK limit the yellow metal\u2019s gains.<\/p>\n
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Technical indicators point to further gains as analysis suggests that the next resistance could be identified at 1,300, with 1.310 as a short term target.<\/p>\n
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Silver rose on Tuesday as the metal decoupled from gold, recording gains amid a technical break at 15.35. After a brief setback on Monday, the recovery of silver began at 15.00 on March 8th and continued to Tuesday.<\/p>\n
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Another pair that saw gains was XAG \/ USD, trading at 15.41 by 0.65% positive on the day, a one-week high.<\/p>\n
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The technical picture suggests further gains in the short term with 15.50-60 as the next resistance zone. Above that, 16.20 will be a critical area.<\/p>\n
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On the negative side, XAG \/ USD needs to close below 15.35 to give bears hope for further declines. After that, the 15.20 level will be the next support, then 15.00 is another very important level to be monitored.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold was able to receive some gains on Tuesday as investors began to take advantage of concern of the risk aversion caused by the vote on the Brexit deal. The European Commission approved UK\u2019s changes […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[62,4],"tags":[36,34,11,48,24,53,78,56,55,54,75,91,76,39],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1095"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1095"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1095\/revisions"}],"predecessor-version":[{"id":1097,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1095\/revisions\/1097"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1096"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}