Gold prices rebounded in the short term, the weaker US dollar and equities

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(Kitco News) – Gold prices posted good rises Friday in the United States, morning session, while the cover is short and we see that we are looking for good deals for the weekend. Gold had a brief, moderate sell after a better-than-expected reading of the US economy, but prices recovered quickly. The June gold futures were up $ 8.60 an ounce at $ 1,288.10. The May silver medal in the Comex was up $ 0.106 to $ 14.98 an ounce.

The high point of the US economy this week was the first estimate of first quarter gross domestic product, up 3.2% year-over-year, which is a serious upside. US GDP is expected to grow by 2.5%. The report falls on the heels of US monetary policy hawks, who would like to see US interest rates rise sooner.

The US dollar index has sold as a result of strong growth in US GDP, which is surprising. However, the USDX Thursday reached its highest level in two years and price developments today is only a normal downward correction, especially in the Approaching the weekend, as traders who have long practiced the dollar are taking profits.

The weaker greenback and a bit of selling pressure on the US stock market also favor bulls in the precious metals market.

Asian and European stock indexes were generally lower overnight. US stock indexes are directed to slightly lower openings at the beginning of New York's daily session.

Geopolitically, the market remains weak, creating a generally quieter business environment.

The other key "outside market" today sees Nymex crude oil prices dip after profit taking after hitting a six-month high earlier this week, and are trading around $ 65.25 a barrel.

Other US economic data scheduled for release on Friday include the University of Michigan Consumer Confidence Index.

Technically, gold bears have the overall technical advantage in the short term. A two-month downtrend line is in place on the daily bar chart. Bulls next bullish target is to produce a futures contract in June, above a strong resistance, at $ 1,300.00. Bears' next short-term price reduction target pushes pricing under strong technical support to $ 1,250.00. The first resistance is observed at today's highs, at $ 1,286.00, then at $ 1,290.00. The first support is at today's low, at $ 1,276.00, then at $ 1,270.00. Wyckoff Market Note: 4.0

May the silver bears eventually have the general technical advantage in the short term. Prices are in a two-month downtrend on the daily bar chart. The Silver Bulls' next upside price target is to close the closing prices above a strong technical strength at the high of April's $ 15.31 an ounce. The next downside price target for the bears is a lower closing price on a strong support at $ 14.50. The first resistance is observed at the height of this week, 15.04 dollars, then 15.25 dollars. The next support is announced at today's low of $ 14,845, then at this week's low of $ 14.70. Wyckoff market estimate: 3.5.