Gold prices were ending the U.S. day session with solid gains and near the daily high early Thursday afternoon. The yellow metal was supported on safe-haven demand as world markets were unsettled by Japan’s central bank surprisingly taking no action at its monetary policy meeting. Gold and silver bulls are also having a good week from a technical perspective, which has invited fresh chart-based buying in both metals. June Comex gold was last up $17.00 at $1,267.40 an ounce. July Comex silver was last up $0.265 at $17.60 an ounce.
Technically, June gold futures prices closed nearer the session high and scored a bullish “outside day” up on the daily bar chart today. The gold bulls have the firm overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the March high of $1,287.80. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at today’s low of 1,239.10. First resistance is seen at the April high of $1,272.40 and then at $1,280.00. First support is seen at $1,260.00 and then at $1,250.00. Wyckoff’s Market Rating: 7.0
Gold held near its highest in a week on Friday and was poised for its biggest weekly rise in eight, as the dollar tumbled after the Bank of Japan and the U.S. Federal Reserve stood pat on policy.
Spot gold XAU= was little changed at $1,265.61 an ounce by 0025 GMT, after climbing to its highest in a week at $1,269.70 on Thursday.
For the week, the metal is up 2.7 percent in what would be its biggest weekly jump since the week ended March 4.
The U.S. dollar and euro posted their biggest daily losses against the yen in more than five years on Thursday in the wake of the BOJ's surprise decision not to further ease monetary policy. [USD/]
The dollar was set for a 1.5-percent weekly loss against a basket of major currencies. Stocks around the globe fell, supporting safe-haven gold.
U.S. data on Thursday supported views the Fed will take a cautious stance in hiking rates this year. U.S. economic growth braked sharply in the first quarter to its slowest pace in two years.
Assets in SPDR Gold Trust (GLD), the world's largest gold-backed exchange-traded fund, rose 0.19 percent to 804.14 tonnes on Thursday.
Reference: Reuters, Kitco
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