Live Spot Gold
Bid/Ask
4,643.204,645.20
Low/High
4,559.504,661.10
Change
+21.80+0.47%
30daychg
-35.70-0.76%
1yearchg
+1,386.10+42.56%
Silver Price & PGMs
The key U.S. data this morning are the final S&P Global manufacturing PMI for April at 9:45 a.m. Eastern and the April ISM manufacturing PMI at 10:00 a.m. Eastern.
Central bank developments remain in focus following this week’s policy decisions from the Federal Reserve, European Central Bank and Bank of England, all of which held rates steady while emphasizing caution on inflation and signaling that policy easing may take longer than markets had previously anticipated. Officials across the major central banks continue to stress data dependency, with particular attention on inflation trends and the impact of higher energy prices.
The key outside markets see Nymex WTI crude oil prices still elevated and trading just below $104.00 a barrel in early U.S. dealings. The U.S. dollar index is slightly weaker. The yield on the benchmark 10-year U.S. Treasury note is presently holding near 4.39%.
Technically, spot gold bulls’ next upside price objective is to push prices above the $4,602 to $4,628 resistance zone, with a sustained move targeting $4,675 to $4,705. Bears’ next near-term downside price objective is a break below $4,558, with deeper downside targets at $4,520 and then $4,472. First resistance is seen at $4,602 and then at $4,628. First support is seen at $4,558 and then at $4,520.
