A positive mood can be noted on the global markets, five stock indices from Europe and the United States are trading high today. Oil trading was unchanged a day after erasing two declines. Buy cryptocurrencies as well as commodity currencies like AUD or CAD. There is, however, a group of assets that today support the path of metals.
Gold is trading up 0.4% today, extending its downbeat streak for the day in ad. Meanwhile, platinum and palladium were down 1.5-2.0%. Silver is the only precious metal bucking the trend with a 0.5% gain at press time. The message of safety associated with an escalation to the Near Entrance appears to be weakening as GOLD is now trading more than 2% below the psychological $2,000 per ounce threshold reached in mid-June and November 2023. Gold has fallen to two-week lows. In addition to the weakening safe-haven flows, the daily drop in precious metals may also be caused by the statements of central banks, because the ECB today questioned whether the dream of rates will come as fast as the market eqv. Last but not least, he started to push the USD again, putting pressure on gold and making the metal expensive.
When we look at the GOLD chart in the D1 interval, we can see that the price is near the support of $1,960 per ounce, which is indicated by the previous price reactions. A break below this area should be ahead of a test of the 2-day moving average of the 200-session moving average (purple ra, $1,935 area) and the 50-session moving average (green ra, $1,923 area).
Source: xStation5
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