The chart-based bulls have come out of their slumber and are now pressing their case on the buy side of the precious metals markets.
and China economic data this week have charged up the stock market bulls, who reckon the world’s two largest economies, and maybe even Europe and Japan, will see strong economic growth in the coming months, or longer.
Still, the latest figures “mask a sharp slowdown” in the world’s second-largest economy as stimulus spending and easy credit are wound down, said Julian Evans-Pritchard of Capital Economics in a report.
Meantime, the Euro zone March consumer price index was reported up 0.9% from February and up 1.3%, year-on-year.
Technically, June gold futures prices hit a six-week high today and have seen a bullish upside “breakout” from the recent trading range.
The next downside price objective for the bears is closing prices below solid support at this week’s low of $24.68.