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Alert-14:44 (Est) ACM Precious Metals Analysis: Gold Under Stress Following Uptick in Risk Appetite
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The rally in risk continues and gold suffers a setback due to a technical reversal following the breach of $1000oz. The early spike in gold was initiated by further weakness in employment data. Initial jobless claims came in at 667k vs. 625k expected, ahead of the unemployment number scheduled to be released tomorrow. Several other key economic indicators should drive prices higher if they are any worst than anticipated specifically GDP, we should look for strong upward momentum. Economists are looking for GDP to drop 5.4% from -3.8%, this is a strong indicator that we remain in a recessionary environment and have some distance before we break the trend of anemic growth. Using the chart to the left, we can breakdown the actual volume at different price points distributed across a bell curve. Clearly there is a greater volume of trades to the left of the curve, emphasizing the strong downward stress derived from the slight uptick in risk appetite.
Support: 930.47 Current: 942.00 Resistance: 955.25
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