• Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as political uncertainty in the U.S. gave support to the precious metal.
• The most active gold contract for April delivery rose 11.3 U.S. dollars, or 0.93 percent, to settle at 1,232.10 dollars per ounce.
• Gold prices traded dramatically higher today, moving to a price point not seen since November 11, 2016. As of 4 o’clock Eastern standard time gold futures (April 2017 contract) were up 16.6 dollars at $1237.50
• A Seattle judge ordered a temporary halt to U.S. President Donald Trump's travel ban on Friday, lending support to the precious metal as investors became unsure of the political climate in the United States. This led gold to reach its highest level since November, as traders are weighing the possibility that the U.S. president may have further actions blocked by the judiciary branch or opposition party in the legislative branch.
• Vice Chairman of the Federal Reserve Stanley Fischer will speak on Saturday. The Fed's members normally uses speeches after its Federal Open Market Committee (FOMC) meetings to clarify their positions.
• Investors believe the Fed may raise rates from 0.75 to 1.00 during the May FOMC meeting at the earliest. According to the CME Group's Fedwatch tool, the current implied probability of a hike from 0.50 to at least 0.75 is at 4 percent at the March meeting and 25 percent for the May meeting.
• Based upon our technical studies we see no real resistance until $1242, with the potential for major resistance at $1281 per ounce. Our studies also indicate technical support at $1220 and $1183 per ounce, according to Kitco News.
• Silver for March delivery rose 21.4 cents, or 1.22 percent, to close at 17.693 dollars per ounce.
Reference: Xinhua, Kitco
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