Before the U.S. trading session starts, a brief outline for the gold market movement today, May 9th, is something to look forward to.
The prices of COMEX gold futures started Thursday a bit dull, due to the correction from yesterday’s gains. COMEX futures dipped $9.30 to be traded at $1,464.50.
Bad news for China, as the producer price index dropped more than expected and the consumer price inflation rate rose more than expected. This news may be bullish for gold prices in the Asian market.
Major Central Banks continued to cut its interest rates, with Bank of Korea joining the fray.
The USD regained some of its strength, but still negative for gold and prices.
The gold bears in the future market still have a technical advantage and they don’t intend to go down without a fight with the resilient bulls.
The $1,500 mark is next trench the bulls need to conquer, while the bears need to press on last’s week resistance at $1,439.70.
Today’s key prices are this week high, $1,478.80 resistance and last week high at $1,487.20. Support is at $1,460 and $1,450.