Gold Bullion Slips Again from ‘MAJOR’ Hurdle of 2011 Downtrend as IMF Raises Global GDP Forecasts

Jon Economy, Gold, Market Commentary, Politics, Precious Metals

Gold bullion priced in Dollars retreated on Wednesday from its second attempt in 3 days to break the 6-year downtrend starting at 2011’s record peak, as world stock markets and commodities steadied after yesterday’s drop amid a higher outlook for world economic growth from the IMF.
Analysts at Germany’s Commerzbank last week called the $1291 level, where gold’s 2011 downtrend now comes in, “MAJOR resistance”.
Falling back $8 per ounce to $1284, gold bullion fell harder in other currencies’ terms as the US Dollar slipped on the FX market.
London’s FTSE-100 bucked the rally in Western stock markets and fell again as the UK Parliament voted on Prime Minister May’s call for a snap election in June – widely seen as a vote on her approach to Brexit – making it the worst-performing major index of the last month outside Japan.
“Momentum in the global economy has been building since the middle of last year,” says the Washington-based International Monetary Fund’s latest forecast today, raising its 2017 global GDP prediction to 3.5% growth.

This post was published at FinancialSense on 04/18/2017.