Gold ticked higher in early Asia on Friday as investors looked ahead to data from China on GDP, industrial production, and retail sales. On the Comex division of the New York Mercantile Exchange, gold for June delivery was last quoted at $1,229.10 a troy ounce, up 0.09%. Overnight, gold fell sharply on Thursday, extending a considerable sell-off from the previous session, as unexpected easing measures from the Singapore Central Bank boosted the dollar versus the Yuan and upbeat U.S. economic data augmented hawkish arguments for a June interest rate hike from the Federal Reserve. Gold has also erased all of its gains from Monday’s surge when it jumped by more than $20 dollars an ounce to hit three and a half week highs. Despite the recent downturn, the precious metal is still up by more than 15% since January 1 and is on pace for one of its strongest opening halves of a year in more than a decade. Nevertheless, the dollar rose sharply against the Chinese Yuan reaching an intraday high of 6.4876, its highest level in nearly a week. It came one day after China improved investor sentiment worldwide after reporting that exports surged by 11.5% in March on an annual basis, recovering from a decline of almost 25% in dollar terms a month earlier.
BUY GOLD JUNE ABOVE 29000 TGT 29300, 29600 STOP LOSS 28600