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.
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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
