Yesterday’s close: Settled at 1571.6, up 1.5
Fundamentals: Despite only meager gains, given the move in Treasuries and the Dollar yesterday, Gold notched a magnificent session. The metal found itself in a good place to respond to the revised virus outbreak numbers from Hubei at 5:30 pm CT last night. Still, it finds itself at elevated levels and against technical resistance with a slate of crucial data right around the corner. Today’s U.S CPI is important but certainly not as much as we’ve seen in recent months. However, tomorrow with Retail Sales, Industrial Production and fresh Michigan Consumer data will be of the utmost importance and ultimately define the week for Gold.
Technicals: We’ve held a Neutral Bias this week, explaining that Gold must close above 1578.2-1579.5 in order to invite bullish waves in the near term once again. However, we have not wavered from our unequivocally long-term bullish Bias, investors must own some Gold in their portfolio. This level has acted as a bit of a ceiling ahead of U.S hours, but with our momentum indicator at 1573.4, Gold is certainly upbeat on the session above here. Strong support on the week at 1561.8-1562.8 has held and this is extremely constructive for the intermediate-term landscape.
