Though Gold ticked higher in yesterday’s session on Fed Powell remarks, prices were suppressed by a risk-on move in the equity markets on the back of re-emerging hope for Gilead’s Remdesivir and on better than expected earning results from Facebook, Tesla and Microsoft.
Fed Powell called for more fiscal support as he warned about long term economic damage including a double digit jobless rate in April, while Q1 GDP data registered a contraction of 4.8%, the biggest drop since 2008
Initial Jobless Claims to be released today, with expectations standing at 3.5M vs. a previous of 4.427M
The yellow metal is expected to breach
it’s sideways channel today, after hitting a high at $1717.95 in yesterday’s session
An hourly close above 1718 will boost bullish momentum with higher resistance levels as targets
Support: 1700 / 1684 / 1674/
Resistance: 1718 / 1730 / 1738