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Even with multiple Federal Reserve officials reconfirming the Fed’s resolve to not raise rates too quickly, gold managed to have a solid gain on the day and week. As of 5:30 PM ET gold futures basis, the most active April contract gained $25.30 on the week, with the majority of the gains occurring today after factoring in a net gain of $18.70, or 0.92% taking gold futures to $2049.40.
Fed Vice Chair Philip Jefferson warned against cutting rates too deeply in response to the positive economic news. On a technical basis, gold had a solid breakout this week, revealing that the price reversal that occurred on February 14 when gold traded to a low of $1996 signaled growing bullish market sentiment by market participants. Today’s incredibly strong finish is evident by looking at the low occurring at the 100-day simple moving average, and the daily high breaching the 50-day moving average.
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