Gold is showing faint movement in the Asia session today, however it moved above the resistance of $1760 an ounce and if it sustains above that level it may see $1800 levels. The China manufacturing data also supported the sentiments in the markets today.
HSBC said Wednesday the initial flash estimate for its February survey of Chinese manufacturing rose from January's level but remained slightly in contractionary territory. The flash reading of the manufacturing Purchasing Managers' Index rose to 49.7 from a final print of 48.8 the previous month. The final version, along with the results of a separate, government-sponsored manufacturing PMI survey, are due out March 1.
International gold futures got a shot in arm after Japan unexpectedly expanded its asset-purchase program and after Europe agreed to pass the second tranche of Greece debt deal. The COMEX April gold has rallied by over $50 since the Japan step as the easing of the Japanese Yen enhanced liquidity in the markets.
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