Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
David Becker

Gold prices moved lower for a 3rd consecutive trading session slipping as the dollar moved higher. US yields moved lower across the interest rate curve, as a risk off mood covered the capital markets. Gold has been unable to gain safe haven status, but gold volatility remains high likely continuing to generate volatile price action. EU and UK PMI readings came in softer than expected.


Know where Gold is headed? Take advantage now with 

75% of retail CFD investors lose money

Trade gold with FXTM





{fx-broker slug=fxtm]


Technical Analysis


Gold prices moved rebounded slightly on Wednesday after breaking down sland declining for the 3-prior consecutive trading days. Resistance is seen near the 50-day moving average at 1,591.  Target resistance on the yellow metal is seen near the March highs at 1,700. Support is seen near the 10-day moving average at 1,581. Short term momentum has turned negative as the fast stochastic generated a crossover sell signal. Medium-term momentum has also turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. The MACD histogram also generated a crossover buy signal, but the trajectory is now flattening which reflects consolidation.


PMI Data is softer than Expected

Eurozone final PMI reading fell to 44.5 versus  44.6 expected and 44.8 flash reading.  Germany worsened from the flash readings to 45.4, while France improved to 43.2.  Spain and Italy both fell sharply from February to 45.7 and 40.3, respectively.  UK manufacturing PMI was also reported.  It fell slightly to 47.8 versus 47.0 expected and 48.0 flash reading.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.