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April Gold commodity futures news and research
Yesterday’s close: Settled at 1291.1, down 8.2
Fundamentals: Despite yesterday’s weakness in the face of a very healthy risk-environment, Gold did not do anything wrong and is bouncing back firmly this morning. Ahead of a British Parliamentary Vote on Brexit today, hopes behind U.K Prime Minister May’s Brexit deal have quickly deteriorated, and this is favorable for Gold. If her deal is shot-down today, there will be a vote tomorrow on whether the U.K will leave the EU without a deal at all with the March 29th deadline looming. Also boosting Gold this morning was a softer than expected read on U.S CPI. This confirms the Fed’s ‘patient’ rhetoric and has allowed Treasuries, Gold and the Yen to all bounce this AM. Fed Governor Brainard speaks at 8:45 am CT and there is a 10-year Note auction at noon CT.
Technicals: As we noted here yesterday, Gold must hold first key support at 1291-1293.5 in order to remain near-term constructive and this was exactly the case with a low of 1290.6 and a settlement of 1291.1. The tape has firmed-up coming into this morning but first key resistance at 1298.1-1299.2 is still a headwind. We remain unequivocally bullish Gold and a move above major three-star resistance at 1304.7-1307.2 is immediate-term bullish for the tape.
Resistance: 1298.1-1299.2**, 1304.7-1307.2***, 1315.3**, 1323.4-1326***
Support: 1291-1293.5**, 1273.2-1280***
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