June gold futures were last up $0.90 at $1,889.50 and May Comex silver was last down $0.36 at $23.10 an ounce.
Traders reckoned the weak GDP number might give the Federal Reserve some pause on its aggressive monetary-policy-tightening stance, but those notions did not last long as most believe fighting inflation is the Fed’s main priority now, even if it causes the U.S.
The major indexes remain in near-term downtrends on the daily charts, suggesting the path of least resistance for prices remains sideways to lower.
Meantime, the Euro currency fell to a five-year low against the dollar as soaring energy prices crimp the Euro zone economy.
Bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $1,935.50.
Silver bulls’ next upside price objective is closing prices above solid technical resistance at $25.00 an ounce.
The next downside price objective for the bears is closing prices below solid technical support at the January low of 428.80 cents.