Major gold levels

March 13, 2017 02:04 PM

The Fed meets this week, and markets are fairly subdued today. At this point, a 0.25 rate hike is extremely likely. The U.S. 30yr bonds have broken their Dec. 2016 lows and this could signal more downside ahead for this market. Interestingly, gold is very far away from its lows from the same period. Those lows are at around $1,124; gold futures are trading at approximately $1,204 today, up $3 from Friday. We have included our analysis of the gold market on the attached chart. We believe the $1,217-$1,223 zone will be important resistance.

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