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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***

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