Make Kitco Your Homepage

Gold Holds 200-DMA After ‘Awful’ GDP Numbers

Commentaries & Views

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***

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News

Kitco Offers