A-Mark-Precious-Metals-IncApril 27. 2016. Gold came into the US session today feeling heavy and looking like it would break below support at $1,230, the fourth point on a trendline dating back to mid-January.  It was given a lifeline by weaker than expected US economic data and was able to catch bids to reverse its course though.  US durable goods disappointed, coming in at .80% for the month of March versus the consensus of 1.9% by economists.  The USD fell to session lows against the euro while gold quickly rallied to above $1,240.  Silver has held its ground on gold’s moves lower recently and continues to consolidate impressively around $17. Today, silver finished above $17 for the fourth time in the last five trading sessions and closed on the highs of the day.

Traders will likely keep positions lean ahead of the FOMC tomorrow.  The FOMC statement begins at 11 AM PST.