Gold Holds 200-DMA After ‘Awful’ GDP Numbers
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold continues to hold but hug the 200 day moving average that comes in today at 1264. The first look at Q1 GDP came in at .7% this morning and this is awful and below initial expectations at 1.2%. At the same time not as bad as JP Morgan’s estimate at .4% and the Atlanta Fed at .2%. Gold is not jumping higher on the news but is holding ground well. We have a big week ahead next week with the Fed and jobs data; we remain long term bullish and feel that Gold will find a catalyst through mid-May to ultimately breakout above the key $1300 mark.
Resistance – 1274**, 1280.8**, 1290.7**, 1300-1302.1**, 1309.3**, 1317.7**
Support – 1264***, 1259.4**, 1247-1250.8**, 1241.5**, 1232-1236***