Gold Near Key Upside Resistance At $1,200/oz Ahead Of CPI – HSBC
London (Mar 24) As the U.S. dollar retreats from its gains, HSBC analysts say the gold market looks firm, especially after last week's moderately dovish Federal Open market Committee statement. "The gold rally looks intact and we believe the market is firm," they say in a report released Tuesday. "HSBC's FX research team recently said that the US dollar bull rally may be entering its final phase," they add. However, they note that metal is approaching the key upside resistance level $1,200 an ounce. As bullion found support on weaker U.S. economic data on Monday, the analysts now say that "the bullion market may focus on the upcoming release of US CPI data on 24 March, especially if the data show an increase in deflationary pressures."