- Gold gained momentum and approached the highs of the week, then fell back after data.
- May US PMI report beat expectations.
The Gold eventually broke above $ 1,880 and climbed to $ 1,889, marking a two-day high. It braked just below Wednesday’s high and then fell back, erasing the day’s gains on US data. The price is just below $ 1,880, with volatility on the rise.
The preliminary PMI report for May from the US showed figures above expectations, which generated a rise in the dollar and took momentum from metals, which fell back erasing the gains of the day.
Silver had traded above $ 28.00 and is now in neutral territory at $ 27.75. The data had a strong impact that triggered volatility in the market and boosted the dollar against the main currencies.
One of the keys will be to see where the XAU / USD stands once the market stabilizes, according to data. Taking them above $ 1880 could anticipate a new test at $ 1890, while doing it below $ 1870, the correction could be accelerated.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
