Upbeat moods can be spotted on the global markets with equity indices from Europe and the United States trading higher today. Oil is trading little changed on the day after erasing earlier declines. Cryptocurrencies gain and so do commodity currencies like AUD or CAD. However, there is a group of assets that lags today - precious metals.
Gold is trading 0.4% lower today, extending its downbeat streak for the third day in a row. Meanwhile, platinum and palladium plunge 1.5-2.0%. Silver is the only precious metal bucking the trend with a 0.5% gain at press time. Safe haven boost associated with escalation in the Middle East continues to fade with GOLD now trading over 2% below the psychological $2,000 per ounce mark reached at the turn of October and November 2023. Gold dropped to 2-week lows. Apart from fading safe haven flows, drop on precious metals today can also be driven by central bankers' speeches as a number of ECB members questioned today whether rate cuts will come as fast as the market expects them. Last but not least, USD began to regain ground, which is also putting pressure on gold and other precious metals.
Taking a look at GOLD chart at D1 interval, we can see that price is approaching $1,960 per ounce support zone, marked with previous price reactions. A break below this area may herald a test of the 2 important moving averages - 200-session moving average (purple line, $1,935 area) and 50-session moving average (green line, $1,923 area).
Source: xStation5
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