Gold closes week down amid optimism on Wall Street 🗽Lack of progress in Russia-Ukraine talks did not help
Gold is ending the week lower as demand for risk assets continues and the S&P 500 looks to close out another week of gains on Wall Street. The lack of a negotiated ceasefire between Ukraine and Russia in Istanbul has not lifted gold prices, which remain below $3,200 an ounce. Gold is down nearly 1.7% today and, alongside silver, which is selling off 1.3%, contrasts with the gains seen in stocks.
Gold (H1)
On the hourly time frame, we see that gold has failed to hold above the 38.2 Fibonacci retracement of the May 6 downtrend. The key short-term resistance zone is currently $3,250, set by previous price reactions and the 38.2 Fibo.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Source: xStation5
Despite mixed sentiment in the BigTech sector, growth is being seen in the Healthcare and Pharmaceuticals sector, with Eli Lilly and United Health Group standing out. Semiconductor giant Applied Materials (AMAT.US) is down nearly 6% after its results.
Source: xStation5
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
