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David Becker
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Gold prices surged higher breaking out above resistance levels as US yields tumbled despite a stronger than expected U.S. Retail sales report. The U.S. 10-year yield dropped nearly 11-basis points once of the largest declines of the year. Advance retail sales rose 9.8% for the month, the Commerce Department reported compared to estimates of a 6.1% gain and a decline of 2.7% in February. The restaurant industry saw a 13.4% surge, thanks to the increasing relaxing of restrictions as Covid vaccines accelerate to a pace of more than 3 million a day.

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Technical analysis

Gold prices surged higher, breaking through resistance which is now support near the 50-day moving average at 1,753. Target resistance on the yellow metal is seen near the February highs at 1,855. Short-term momentum reversed and turned positive as the fast stochastic generated a crossover buy signal. The current reading on the fast stochastic is 84, above the overbought trigger level of 80. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. The MACD histogram is printing in positive territory with a declining trajectory which points to consolidation.

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Jobless Claims Drop

Initial jobless claims dropped to 576,000 for the week ended April 10. That was easily the lowest total since the early days of the Covid-19 pandemic and represented a sharp decline from the previous week’s total of 769,000. The estimate was 710,000.

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