Despite a brief rally back above the USD $1300oz mark overnight, the gold market spent most of the day under pressure, and is currently sitting just below its...

Despite a brief rally back above the USD $1300oz mark overnight, the gold market spent most of the day under pressure, and is currently sitting just below its 200DMA at USD $1295oz. At one point, it had dropped as low as USD $1285oz, whilst silver, currently sitting at USD $19.42oz, was at one point as low as USD $19.24oz. Market appears on a bit of a knife's edge right now but with the FOMC meeting due to finish tonight (taper fully expected), and with Q1 GDP data out, and payrolls later this week, there's a chance gold could break out from its recent range, which has roughly been between USD $1270-USD$1310oz. Good support between USD $1277 and USD $1282oz, but until or if we see a break back above the 200DMA it's hard to get too excited for the precious metals short term outlook. More detail here (VIEW LINK)