Gold futures soared associated physical gold demand and gold-based ETF assets on concern the slow pace of economic recovery after the U.S. failed to reach policy makers to avoid removal budget kesepaktan known as Sequesteration.
Republicans in the U.S. House level indicate an alternative plan to introduce on Tuesday as part of a removal program budget of $ 4.6 trillion in the first decade, the proposal will then be followed by spending cuts from Democrats in the Senate.
Another positive catalyst is the prospect of additional easing from the Bank of England after data on manufacturing and industrial output fell below estimates, while in Japan, rumors of emergency BoJ meeting helped to trigger speculation of aggressive monetary easing faster than earlier expectations.
Tensions market in risky asset markets also rose after the expected Italy will fail to meet the deadline of economic reform in April in Brussels due to political uncertainty post-election some time ago. Where this little add interest to the safe-haven asset gold.
Observed so far Gold spot price rose 0.70% to $ 1,592.92 per troy ounce, after reaching its highest point at $ 1,593.71 and an intraday low of $ 1,580.36 daily per troy ounce. Technically, the intraday bias to bullish gold, but need to watch out for correction down to reduce the overbought / oversold. Resistant 1613 - 1620 - 1625, Support 1584 to 1576 - 1571.
