📉📉Wall Street back on board after gold’s strong recovery, Main Street bullish but cautious with payrolls and CPI on deck
After riding out the last waves of last week’s nausea-inducing drop, gold began to trade more like a grown-up precious metal once again this week, and by Friday’s close, it looked ready for a marriage and a mortgage.
Spot gold kicked off the week trading at $4,737.79 per ounce, but it opened sharply lower, so the momentum was already skewed to the downside. After a quick push up to $4,844 by 7:00 p.m., gold was trading around $4,640 one hour later, and after a failure to reclaim $4,700, the price broke through near-term support, falling all the way to the weekly low around $4,450 per ounce by 1:30 a.m. Monday morning.
But as is so often the case, the sharp drop was followed by a bounce of almost equal velocity, with spot gold rising to the very edge of $4,800 by 7:45 a.m. Eastern. The North American session was spent reinforcing $4,600 as solid support, setting up another sharp move higher at the Asian open, which saw gold rally above $4,850 by 8:15 p.m., and to $4,935 by 3:30 a.m.
It was now North American traders’ turn to help carve out what proved to be the week’s highest trading range, with spot gold managing to hold above $4,900 all day, after which Asian traders pushed gold prices to the edge of $5,100 overnight.
