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Last Updated Date: 16 April 2021 @ 6:32 AM (UTC)
*Please note that all the dates are in GMT time zone

Gold headed for a second straight weekly advance as bond yields retreated, with investors assessing economic data from the U.S. The latest U.S. numbers show consumer demand boosting the recovery from the pandemic. Retail sales accelerated in March by the most in 10 months as business reopenings, increased hiring and a fresh round of stimulus checks emboldened shoppers. While production at U.S. factories increased in March by the most in eight months, it was softer than forecast as automakers continued to deal with shortages of semiconductors.

After weeks of being confined to a narrow trading range, gold climbed Thursday to the highest since Feb. 26 amid the surge in Treasuries. Traders suggested international concerns may have helped fuel the rally in bonds, with many investors caught positioned for higher yields. Bullion was also supported this week after Federal Reserve Chairman Jerome Powell reiterated his dovish stance on monetary policy.

Despite minor corrective action, the GOLD market is positioned for a drive to 1770.0 - 1775.0. Corrections should hold 1748.0 to keep bull forces. A push over 1773.0 will spark fresh buying. Only a close under 1748.0 or drop under 1741.0 marks a reversing turn back to lower prices.




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