The gold price is currently falling sharply. It even broke below the $ 1,700 mark earlier and is now trading at $ 1,690. This afternoon we discussed that the gold price could move this afternoon based on two economic data, and that’s exactly how it happened. Last week, 2:15 p.m., the privately collected US ADP job market data was reported significantly better than expected (here the details), and zack, the gold price fell from $ 1,725.This can be seen well in the following chart, which shows the gold price trend since this morning. Then at 4 p.m. the ISM data for the US service sector followed, which also came in a little better than expected (here the details).
Even further slide
This caused the market to slide even further. Both dates cost the gold price a good $ 35. The prospects of an economic recovery are increasing, the stock markets are rising and gold is currently no longer needed as a safe haven? Well, zack, gold falls. But you shouldn’t give up the precious metal completely with a view of the next days and weeks!