07 Mar Thursday Daily Outlook

Yesterday later afternoon we had some roller coaster ride. Price seems to be pushing up, but what is pushing it up, this is a million dollar question. Is it just because as reported yesterday, dealers from Asia reported an increase in demand for physical bullion or there are some additional factors. There may be another expectation that is pushing the gold price high and that is the major central banks; Bank of Japan, Bank of England, And European Central Bank would stick to their loose monetary policies those are to be released today. As of now, Bank of Japan has already announced its overnight call rate at <0.10% as expected, the rest are due later today afternoon. Here is a glimpse of later releases;

Official Bank Rate - Bank of England - expected 0.50 %, following MPC Rate Statement, Minimum Bid Rate - European Central Bank - expected 0.75 % following ECB Press Conference.

There are other major Economic Releases today, Please check the Economic Releases link.

We might see some correction to 37735 level from recent falls. For this, the price will have to break resistance of 38385 first and the market will have to follow through. Happy Trading :)