Gold and silver rise, reigniting the broader bullish trend after softer US jobs data and central bank developments shift the focus to rate cuts
The overall feel of the BoE meeting had a sense that rate cuts are on the horizon provided the committee receive greater confidence that the persistence element behind inflation is dissipating. In the absence of any unwarranted inflation surprises, it would appear the committee is readying for a policy shift which tends to present a tailwind for the precious metal.data for April.
Gold has bounced off the prior level of support at $2319.50 and tests the 161.8% retracement of the major 2020 to 2022 decline. Bullish momentum finds another test at the downward sloping trendline resistance drawn from the all time high but the RSI is yet to breach overbought territory – suggesting a bullish bias remains constructive. Support remains at $2319.50.
A weekly close above $28.40 keeps the bullish move alive into next week where US CPI could continue to drive the move higher if inflation pressures are seen to be decreasing in a significant fashion. Support lies at $27.40.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
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