The $1,100 level once again provided some support for gold, as it surged 2% in February. The next level to watch is the 75 day moving average, which stand at $1,121. If this can be broken, traders will be looking to see if we can re-challenge the highs of $1,225. With a raft of economic data due this week, it could well be another interesting period for gold bugs.
Gold & Silver
- Unemployment in the Eurozone remained stable at 9.9% for the third consecutive month. Analysts had expected unemployment to rise.
- Australia's manufacturing sector expanded at its fastest pace in two years.
- It is a big week on the economic front, with the Beige Book in the US being released on Wednesday, Interest Rate decisions being made in the UK and ECB on Thursday, and non farms on Friday.
Major Economic News