Gold traded slightly lower in Asia on Friday. Investors continue to digest a large array of economic data and the latest Fed statements.
Data released today showed that China's manufacturing PMI fell from 51.9 to 51.1 in April. The data put pressure on Asian stocks, which is a positive signal for gold and other defensive assets. But this influence of this factor was completely offset by the dynamics of the dollar movement. The dollar index has strengthened by 0.05% since the beginning of the day, putting moderate pressure on the precious metal.
Today, during the European session of trading, investors' attention will be focused on the publication of preliminary data on GDP for and the consumer price index in the EU.
In the US, inflation data will be in the spotlight. The price index of personal consumption expenditures is one of the important indicators of inflation, which is taken into account by the FRS when making decisions on monetary policy.
Other precious metals are trading mixed today. Silver is down by 0.3%, platinum is up by 0.7%, and palladium is up by 0.5%.
On the chart, the initiative is gradually shifting to the sellers. Bears are increasing pressure to the level of 1766.00. A breakdown of this mark will indicate a probable continuation of the downward movement in the direction of the level of 1747.00.
The main scenario is a correction to 1774.00 and a decline below 1766.00.
An alternative scenario is a breakdown of resistance at 1774.00 and growth to 1795.00.
The current fundamental background is neutral. We consider shorts at the level of 1774.00.
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