Gold, silver under pressure ahead of U.S. data

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Investing.com - Gold and silver prices remained under pressure on Thursday, as caution set in ahead of U.S. first quarter gross domestic product data, due later in the day.

On the Comex division of the New York Mercantile Exchange, gold for August delivery fell to a session low of $1,251.60 a troy ounce, the weakest level since February 4, before trimming losses to last trade at $1,253.70 during European morning hours, down 0.48%, or $6.00.

Gold prices were likely to find support at $1,247.80 an ounce, the low from February 4 and resistance at $1,294.70, the high from May 27.


Also on the Comex, silver for July delivery declined 0.81%, or 15.4 cents, to trade at $18.90 a troy ounce, the lowest since May 1. Prices eased down 0.04%, or 0.8 cents, on Wednesday to end at $19.05.

Silver futures were likely to find support at $18.63 an ounce, the low from May 1 and resistance at $19.15, the high from May 28.

U.S. GDP is expected to be revised to a negative print, as an unusually harsh winter weighed on the economy. Market analysts expect the data to reveal a contraction of 0.5% in the first three months of the year instead of a 0.1% increase as originally reported.

The U.S. will also publish the weekly government report on initial jobless claims as well as data on pending home sales for April.

Gold and silver prices have been on a downward trend in recent sessions as chart signals turned bearish after prices broke below key support levels earlier in the week.

Elsewhere in metals trading, copper for July delivery fell 0.65%, or 2.1 cents, to trade at $3.153 a pound as investors booked profits on a recent rally which took prices to a 12-week high on Wednesday.

Copper prices have been well-supported in recent sessions amid growing optimism over the health of the U.S. economy and speculation demand from top consumer China will increase in the near-term.

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This article appears in: Investing , Forex and Currencies

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