Gold Prices at Key Technical Barrier, Crude Oil Prices Vulnerable

New York (April 11)  Gold prices rose after a grim ECB monetary policy announcement spooked markets and drove yields downward, boosting the appeal of non-interest-bearing assets. The US Dollar initially popped higher as downbeat comments from President Mario Draghi crossed the wires – anchoring the yellow metal – but a swift subsequent reversal removed this hurdle.

US CPI data showing core inflation unexpectedly fell in March coupled with early reports of a draft deal to delay Brexit at an emergency EU leaders’ summit may have set the stage for the Greenback’s reversal. Data reinforcing a dovish stance from the US central bank coupled with avoiding a disorderly EU/UK divorce – at least for now – sent the bellwether S&P 500 upward, punishing the anti-risk currency.

DailyFX

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