- – Gold price remained elevated against the US Dollar, and recently traded as high as $1287.
- – There is a nice bullish trend line with support at $1278 formed on the hourly chart of XAU/USD.
- – Earlier today, the Chinese Trade Balance for March 2017 released by the General Administration of Customs of the People’s Republic of China posted a trade surplus of $23.93B.
Chinese Trade Balance
Today in China, the Trade Balance for March 2017 was released by the General Administration of Customs of the People’s Republic of China. The market was positioned for the balance between exports and imports of total goods and services in March 2017 to post a trade surplus of $10.00B.
The outcome was well above the forecast, as the trade surplus was $23.93B in March 2017, which was a low higher than the last deficit of $-9.15B. Chinese exports rose by 16.4%, which was a lot more than the forecast of 3.2%, and better than the last decline of -1.3%. Chinese imports rose by 20.3%, which was a lot more than the forecast of 18%.
Overall, the result was positive, and might help Gold in keeping the bullish sentiment intact above the $1275 level.
Gold Price Technical Analysis
We saw a nice rally initiated from the $1247 low in Gold price against the US Dollar. The price surged higher and broke a few important resistances like $1270 and $1278. The price also traded above the 100 hourly simple moving average at$1260, which is a positive sign.
The price traded as high as $1287 recently, and currently correcting lower. It already tested the 23.6% Fib retracement level of the last wave from the $1271 low to $1287 high. The chances of any further declines are less. But, if there is a dip, there is a nice bullish trend line with support at $1278 on the hourly chart of XAU/USD, waiting to act as a support.
Moreover, the 50% Fib retracement level of the last wave from the $1271 low to $1287 high is at $1279. So, if the price dips further, it may find support near $1278 or $1279. On the upside, a break above $1287 could take the price towards $1295.
Tags: Chinese Trade Balance, Gold Price, Gold Price Technical Analysis, US Dollar