XAU decreased slightly in today's trading session
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The recovery of the global stock market is also considered a factor causing gold prices to "slip" in the last trading session of the week. Global stock markets were mostly higher with US stock indexes pointing towards a higher open as the day's trading session in New York began.
The gold market in China is also strongly affected by the resurgence of the COVID-19 pandemic. A recent report shows that gold holdings in China's exchange-traded funds (ETFs) only totaled 3.5 billion USD at the end of April 2022.
According to analysts, the gold market is in a "danger zone" as the price moves closer to 1,800 USD/ounce. This is solid support, but a break below could lead to more selling.
Edward Moya, senior analyst at OANDA Financial Services Company (USA), initially said that gold showed signs of stability, but investors were still worried about inflation data. Besides, the strengthening USD is affecting gold prices.
The gold market in China is also strongly affected by the resurgence of the COVID-19 pandemic. A recent report shows that gold holdings in China's exchange-traded funds (ETFs) only totaled 3.5 billion USD at the end of April 2022.
According to analysts, the gold market is in a "danger zone" as the price moves closer to 1,800 USD/ounce. This is solid support, but a break below could lead to more selling.
Edward Moya, senior analyst at OANDA Financial Services Company (USA), initially said that gold showed signs of stability, but investors were still worried about inflation data. Besides, the strengthening USD is affecting gold prices.
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BUY XAU 2339 - 2337TP1: 2345
TP2: 2354
SL: 2332
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