Gold Weaker Ahead of US GDP

Gold Weaker Ahead of US GDP

27 May 2016, 13:15
Roberto Jacobs
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Gold Weaker Ahead of US GDP

The precious metal is extending its bearish note at the end of the week, navigating the area of 3-month lows around $ 1,1215 per troy ounce.

Gold focus on US data, Yellen

The demand for the yellow metal remains subdued, sending prices to the vicinity of $1,210 late on Thursday, while managing to retake some ground to $1,220 during the European session.

The USD rally and prospects of a rate hike by the Federal Reserve sooner than later have been weighing on bullion in recent weeks, prompting the metal to fall uninterruptedly since 2016 highs above the $1,300 mark in early May.

Gold key levels

As of writing Gold is retreating 0.07% at $1,219.50 facing the next support at $1,209.20 (low Apr.1) ahead of $1,193.60 (low Feb.16) and finally $1,163.71 (200-day sma). On the upside, a surpass of $1,247.82 (55-day sma) would aim for $1,304.40 (2016 high May 2) and then $1,322.10 (high Aug. 8 2014).


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