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Our gold forecast signals are good for both forex gold spot market traders and as well as for the long term gold investors in commodities market.
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The gold market was rather volatile last month. Prices dropped to the critical $1215 level, the confluence of a horizontal support and a medium-term bullish trend line, but ultimately found strong support there to climb all the way back to the $1271.50-$1269 area, leaving a long lower shadow on the monthly candle.
Gold prices fell $3.41 an ounce on Thursday as better-than-expected U.S. economic data, which supported the case for a Federal Reserve interest rate hike this month, led to a bounce in the dollar.
Gold prices ended higher on Wednesday, erasing all of the previous day’s losses, as the dollar edged lower.
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Gold prices ended Tuesday’s session moderately lower as lack of bullish fundamental developments prompted some investors to lock in gains from a recent rally to a four-week high.
Gold prices settled at $1267.07 an ounce on Friday, scoring a gain of 0.8% on the week, as uncertainty about economic and political stability increased desire for safe-haven diversification.
Gold prices ended Wednesday’s session up $7.28 as the dollar weakened after the minutes of the Federal Reserve’s latest policy meeting showed some central bankers were watching for evidence.
Gold prices fell $9.20 an ounce yesterday, erasing the gains made in the previous session, as the dollar strengthened and traders locked in profits ahead of the release of the minutes from the Federal Reserve’s May 2-3 policy meeting.
Gold started the week on a positive note, testing the $1265/1 area after the market found support just above the $1250 level.
Gold prices settled at $1255.32 an ounce on Friday, gaining 2.23% on the week, as political turmoil in the U.S. and weakness in the dollar lent some support to the precious metal.
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Gold prices fell $14.06 on Thursday, ending a five-day streak of gains, as the dollar strengthened and stock markets recovered ground.
Gold prices ended Wednesday’s session up $23.72, hitting the highest level in two weeks, as investors sought refuge from volatility in the wider markets.
Gold prices rose $5.91 an ounce on Tuesday as a pullback in U.S. stock indexes prompted investors to move away from risky assets and to rush to safe havens.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold prices ended Monday’s session up $2.26, extending their gains to a third straight session, as the dollar eased after U.S. manufacturing data came in weaker than expected.
Gold prices rose for a second straight session and settled at $1228.17 an ounce on Friday as a series of economic data out of the world’s largest economy disappointed the market and weighed on the American dollar.
Gold prices rose $5.93 an ounce on Thursday, erasing most of the losses posted earlier in the week, as falling U.S. stocks prompted a bit of safe-haven demand.