Solid US GDP and jobless claims data triggered a slump on gold market
Revision of the US GDP data for Q1 2023 was expected to be a non-event as it was the third release of the data and was not expected to show any major deviations. However, report turned out to be a big positive surprise with annualized Q1 GDP growth being revised higher from 1.4 to 2.0%. Q1 personal consumption data was also revised higher while the jobless claim report that was released simultaneously came in at 239k, significantly below 265k expected by the market.
Data release triggered a jump in US yields and USD strengthening, which in turn pressured precious metals, including gold. Taking a look at the GOLD chart at D1, we can see that the price is testing a mid-term support zone in the psychological $1,900 per ounce area. This is the lowest gold price level in 3-months!
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Source: xStation5
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