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Gold markets at a three-month high

Monday, May 18 2015
The continued flow of lackluster data from the US has signaled markets that the Federal Reserve would not be increasing its lending rate anytime soon helping to support the demand for gold. Gold hit a three month high on Thursday as the dollar came under pressure following a new batch of mixed US data.
 
India’s drive for bullion shows no sign of abating. India’s gold demand grew 15% during the first quarter of calendar year 2015 at 191.7 tonne, against 167.1 tonne a year ago, as per the gold demand trend report released by the World Gold Council.
 
On the other side, oil prices have retreated on concerns the market has risen too much given high global supplies. Data showing modestly lower US crude inventories amid drilling industry cutbacks have helped push oil prices up about 40 per cent since the commodity skidded below $45 a barrel in mid-March.
 
Aussie profited most out of this surge, however it spend morning part of the session in decline, currently being traded at 0.80 handle. Pair is likely to find support around 0.7950 area and resistance above 0.8080 level. There will be no major data releases in the rest of the session.
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