Yesterday's gold price fell to a low of $2315 as previously rising to a high of $2352. In a few days, gold prices tend to move in the range of $2354 and $2314 and draw a flag pattern. It is predicted that a downside breakout will allow gold prices to fall deeper to approach the lower band line.
The weak United States (US) ISM Manufacturing PMI data has also raised concerns over the outlook for gold demand. The US Manufacturing PMI report showed that factory activity contracted for the second consecutive month in May.
Today there is important news that investors are focusing on ADP Non-Farm Employment Change, previous data shows a value of 192k and a forecast of 273k. It is estimated that after the release of this news, it will move the USD which is often correlated with gold.
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The weak United States (US) ISM Manufacturing PMI data has also raised concerns over the outlook for gold demand. The US Manufacturing PMI report showed that factory activity contracted for the second consecutive month in May.
Today there is important news that investors are focusing on ADP Non-Farm Employment Change, previous data shows a value of 192k and a forecast of 273k. It is estimated that after the release of this news, it will move the USD which is often correlated with gold.
View attachment 7082
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