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April Gold futures trading
Yesterday’s close: Settled at 1314, up 2.1
Fundamentals: Gold is holding despite a firm CPI number where the Core MoM was in line with the typical +0.2 expected and the YoY read beat with 2.2% versus 2.1%. The Dollar is paring yesterday’s losses, however, the precious metals complex is firm given that the Chinese Yuan has strengthened against the Dollar on an upbeat U.S-China trade narrative. Given the impressive, yet irrational, run in equity markets and strengthening Dollar, Gold has held tremendously well over recent days. We believe this to be a sign of its long-term strength and what is to come over the next six months.
Technicals: The chart is as technically constructive as it gets with Gold continuing to battle and hold against strong support. Yesterday, the metal settled right at our pivot level, but the real hurdle is first key resistance at 1321.7-1323.4. Ultimately, we need a close above here in order to bring fresh buying to the table.
Resistance: 1321.7-1323.4**, 1337**
Support: 1306.3-1306.5***, 1300.5**, 1281.5-1284.5***
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