Continued strengthening of Gold Need Confirmation in 1,200

JAKARTA, [IFN] - Gold prices moved higher still in line with the weakening of the US dollar index. Prices had approached the range of 1,200. US Durable Goods Orders data in February released overnight adding to pressure on the US dollar.

The data show a decrease in orders for durable goods by 1.4% compared to the previous month. The weakening of the US dollar had also triggered by the statement after the US central bank monetary conference last week that indicated delay to raise its benchmark interest rate.

The current price is around 1199 and still has the potential gain. Further strengthening requires confirmation on the level of penetration into 1200 with a potential target areas for 1205-1207.

"While the immediate support at around 1,193. The movement below this support opens the potential weakening approaching 1,185 area," said Head of Research and Analysis PT Monex Investindo Futures Ariston Tjendra in research in Jakarta, Thursday, March 26th.

Ariston, the data of US Weekly Initial Jobless Claims could be market movers.