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Alert-11:45(Est) ACM Precious Metals Analysis: Gold Embattled in High Volatility Market and Trend of Risk Aversion
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The gold bulls saw some positive action early in the session after several days of profit taking by Traders. US GDP came in much worse than expected at -6.2% vs. -5.4%, illustrating the severe drop in economic growth. The rally was short-lived and choppy trading ensued with a general direction to the downside. ETF flows eased the selling pressure and caused some breaks in the decline, which smoothed out near $939-$940oz. This trend held throughout the rest of the session, we see support at $925oz. Prices retraced back to its lows over the last 3 days, but bounced back strong settling near yesterday’s close. We remain in bullish in the long-term, but the near-term story may deviate based on technical activity and fluctuations risk appetite.
Support: 925.25 Current: 941.70 Resistance: 960.66
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