Gold edged down in Asian trade Wednesday after crossing the $1600 mark for a brief period overnight.
Gold for immediate delivery was seen trading at $1593.01 an ounce at 12.00 noon S9ingapore time while US gold was at $1592.22 an ounce on the comex division of nymex.
Analysts said the precious yellow metal is likely to extend gains on remarks by Germany's central bank about the euro zone crisis and the European Central Bank's moves to stem it.
Germany's Bundesbank said the euro zone crisis, which has eased as a result of the ECB's funding promises, was not over,and that it had set aside billions more euros against what it deems risky ECB moves.
They added that investors will be watching the all-important policy meeting of the Federal Reserve on March 19-20, to gauge the central bank's attitude towards monetary stimulus.
Gold futures finished higher Tuesday, briefly touching $1,600 an ounce, with analysts attributing the gains to short covering.
April gold rose $13.70, or 0.9%, to settle at $1,591.70 an ounce on the Comex division of the New York Mercantile Exchange. That was the highest settlement since Feb. 27.
Source : BullionStreet
GOLD has made some benefit of the current uncertainty and lost EUR direction, however drops to 1581 are still possible, use that to go long with 5-6 USD SL.
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