Market Overview

Gold Support Level Holds $1278-

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GCM4- Gold's Support Level Holds​: The Yellow Metal

 has grinded higher into this morning after trading to a low of 1275.8 early in yesterday’s session. Major support continues to come in at the 1281.8-1284.4 level while the 100 day moving average comes in today at 1279.5. Gold reached a low of 1277.4 on April 1st as this level continues to play a pivotal role; the metal rallied nearly $100 to begin the year reaching 1280.6 on January 27th, ahead of February’s Nonfarm Payroll Report which ultimately drove Gold through this level. The 200 day moving average comes in at 1301.5 and only a close back above here will signal at least a short term bottom. The Dollar has weakened from the 80 level early this session providing support to Gold. Traders anticipate New Home Sales data this morning which will play a pivotal role in the currency. Look for a close below the 100 day moving average at 1279.5 to confirm a bear leg.

 

Resistance 1290.4-1293.5*, 1301.5***, 1304.8-1307.6*, 1312.3-1314**, 1320.3-1321.3**, 1324.9-1326.3*, 1334.7-1335.5***

Support- 1281.8-1284.4*, 1279.5**, 1275.8**, 1262.6***, 1237.5**

 

 

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

 

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