The gold price is was falling sharply this week. It even broke below the $ 1,700 mark and was 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. At 2:15 p.m., the privately collected US ADP labor market data was reported much 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 early this morning.
New ISM Data followed and shared details
Then ISM data for the US service sector followed, which also came in a little better than expected (here the details). 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!