· Gold extended losses on Friday, moving further away from a three-week peak hit in the previous session, as appetite for riskier assets improved on upbeat U.S. economic data, while the metal was still on path for a third straight weekly gain.
· Spot gold was down 0.1 percent at $1,308.26 per ounce as of 0119 GMT, after touching its highest since Feb. 28 at $1,320.22 in the previous session.
· The metal has risen 0.5 percent so far this week and is on track for a third consecutive gain on a weekly basis.
· U.S. gold futures were flat at $1,307.50 an ounce.
· "While the US central bank killed the dream of an additional rate hike in 2019, signalling a "perma-pause", the reality is the market believes that the next move may very well be a cut. CTAs are set to turn become substantial buyers above $1315/oz, and given that the economy may be slowing, we remain comfortable with our eventual $1,400+ target for the yellow metal, as we expect data to continue deteriorating," analysts at TD Securities explained.
· The precious metal previously picked up a bid earlier when President Trump said he would keep tariffs on China even after a trade agreement had been reached to make sure the country is adhering to the terms of any trade deal.
· Britain could leave the European Union without a Brexit deal on April 12 if lawmakers fail next week to back Prime Minister Theresa May's agreement with Brussels, EU leaders said after a crisis summit in Brussels on Thursday.
· Prime Minister Theresa May on Friday welcomed the European Union's decision to delay Brexit, saying that lawmakers in the British parliament now had clear choices about what to do next.
· The Bank of England kept interest rates steady on Thursday and said most businesses felt as ready as they could be for a no-deal Brexit that would likely hammer economic growth and jobs.
· A U.S. trade delegation headed by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China on March 28-29 for the next round of negotiations, China's commerce ministry said on Thursday.
· The United States imposed sanctions on Thursday on two Chinese shipping companies it says helped North Korea evade U.S. and international sanctions over its nuclear weapons program, the first such steps since U.S. President Donald Trump and North Korean leader Kim Jong Un's summit collapsed last month.
· GOLD TECHNICAL ANALYSIS
Gold prices stalled at resistance in the 1302.40-12.83 area, with overall positioning still hinting that a Head and Shoulders top might be in the works. A daily close below neckline support at 1282.11 confirms the setup and initially opens the door for a test of the 1260.80-63.76 zone. Alternatively, a breach of resistance exposes a minor barrier at 1326.30, followed by February’s swing high at 1346.75.
Reference: CNBC, FXStreet, DailyFX
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