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Gold took a downward turn on Thursday as Traders decided to book profits from the recent rallies in the precious metal, while the allure of the safe-haven US Dollar picked up some fresh interest in the midst of rising US-China tensions.
Some Traders may have also taken a signal from the dips in the stock markets and pre-emptively got out of their gold positions fearing a repeat of the lockstep movement pattern seen recently.
The major US indices as well as the Nikkei and FTSE all posted losses for the day.
From a fundamental perspective, the precious metal remains an attractive asset to long given the possibility of further monetary stimulus by central banks in their efforts to fight to impact of the coronavirus pandemic.
In economic news, the US first time unemployment filing figures came in above expectations last week, totaling 2.44 million. US manufacturing activity data improved in May but still faces strong headwinds from lackluster demand.
Looking at the technical picture, gold managed to hold above the 0.236 Fibonacci retracement level of 1,719.61 but is struggling to recover buying momentum. The area to look for will be the psychological 1,730 marks.
Should the bullion retrace above 1,730, positive momentum will likely return in the short run. Upside gains however will likely be capped at the 1,750 hard resistANCe level.
(Chart Source: Tradingview 04.05.2020)
Currently there isnt much to indicate a sustained lengthy drop in bullion prices but strong support should be felt around 1,690.35, and 1,679.61 in extension.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：Daily Market Recap - GOLD
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