Despite weak equity markets in Europe, gold remains in the red due to the strong dollar.
Tomorrow will also be the numbers on the US labor market opened and could thus provide more movement in dollars and gold . Let’s start with the ADP monthly report (14.15) on the development of new jobs. James Bullard, of the St. Louis Fed, might be in for a statement tonight about any signs of future US monetary policy provide the gold price with new impetus in one or the other direction.
All in all, however, one can attest to a rather directionless trend in the gold price at present. The technical sentiment sentiment worsened significantly in May, mainly due to the breach of the long-term 200-day line. But investors should not overvalue this circumstance, after all, such a sell-signal turned out in December as a “bear trap”.
On Tuesday afternoon, the gold price presented itself with weaker prices. By around 3:00 pm (CEST), the most actively traded futures on gold (August) fell (vs. Friday) by $ 6.40 to $ 1,302.60 per troy ounce.
Crude oil: downward urge eases
After the oil price has shrunk by seven (WTI) and six dollars (Brent) in recent trading days, he seems to have survived the worst once. Now the actors in the energy markets are waiting for the upcoming weekly reports from API (Wednesday evening) and Energy Information Administration (Thursday afternoon).
On Tuesday afternoon, the oil price presented itself with slightly higher prices. By 3:00 pm (CEST), the next maturing WTI future declined 0.60 to 67.28 dollars (vs. Friday), while its Brent counterpart (Monday) rose 0.77 to 76.07 dollars.