US: Pending Home Sales falls 0.4% in February

Gold prices were looking to secure another daily loss as of European trading, however after rallying off a daily low in the 1592 region, the yellow metal surged ahead to regain the 1600 mark and even barrel higher towards USD $1607.23 per oz. at the time of writing. Having embattled Eurozone concerns earlier today, the focus now seems to have waned slightly following the retest of resistances at 1600 and 1607. A close above the 1600 mark will certainly allay a near-term outlook, which has pointed to the downside as of late.