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Third Straight Day Of Gains Ahead Of Key US Data

GOLD
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Gold is 0.2% lower in the Asia-Pac session, after closing 0.4% higher at $2361.31 on Tuesday.

  • Tuesday’s move was the third straight day of gains ahead of batch of key US economic indicators including Q1 GDP and Weekly Jobless Claims on Thursday and April’s PCE Deflator, the Fed’s preferred inflation gauge, on Friday.
  • According to MNI’s technicals team, the trend structure remains bullish and the move down from last week’s highs appears to be a correction. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2,304.0, represents a key support.
  • Silver outperformed, bringing the precious metal close to last week’s 11-year high of $32.5. A break of this level would open $33.887 next, a Fibonacci projection.
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Gold is 0.2% lower in the Asia-Pac session, after closing 0.4% higher at $2361.31 on Tuesday.

  • Tuesday’s move was the third straight day of gains ahead of batch of key US economic indicators including Q1 GDP and Weekly Jobless Claims on Thursday and April’s PCE Deflator, the Fed’s preferred inflation gauge, on Friday.
  • According to MNI’s technicals team, the trend structure remains bullish and the move down from last week’s highs appears to be a correction. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2,304.0, represents a key support.
  • Silver outperformed, bringing the precious metal close to last week’s 11-year high of $32.5. A break of this level would open $33.887 next, a Fibonacci projection.