April went out with a bang as U.S. stocks hit record highs. The Fed’s decision to continue to taper helped maintain the Indices’ upward trend while disappointing U.S. data on growth pushed the Dollar down to 3-week lows against most of the majors.
Concerns about deflation in the Eurozone persist but Gold continues to enjoy its safe haven status amid continued tension in the Ukraine.
Gold prices settled at $1,291.60, ending the month with gains of 0.54% as safe haven demand for the precious metal was underpinned by heightened tensions over Ukraine.
On the break of downward trend line expect an upward move to the daily resistance at $ 1,330.25.