The Gold Is to Fall This Week

The Gold Is to Fall This Week

Happy Monday, traders! The last week was hot and full of US economic data that shook the market almost daily. The market is volatile, and it’s fantastic for day traders. Here’s what will create price swings this week:

(All times are given in GMT+3 time zone)

Economic calendar

1. Monday:

15:30, US Empire State Manufacturing Index

18:00, ECB President Lagarde Speaks

2. Tuesday:

09:00, UK Claimant Count Change

15:30, Canada monthly CPI

18:00, BOC Governor Macklem Speaks

3. Wednesday:

09:00, UK CPI

10:00, Swiss Board Member Maechler Speaks

4. Thursday:

01:45, New Zealand CPI

15:30, US Unemployment Claims

18:30, BOC Governor Macklem Speaks

5. Friday

11:00, EU Flash Manufacturing and Services PMI

11:30, UK Flash Manufacturing and Services PMI

16:45, US Flash Manufacturing and Services PMI

News that you should know about

  • China’s central bank is pouring more liquidity into the financial system while keeping rates unchanged. The People’s Bank of China offered banks 170 billion yuan ($25 billion) of funds through the medium-term lending facility.
  • In New Zealand, food prices increased 12.1% in March compared to the same time last year, a growth rate not seen since the end of the 1980s.
  • Bitcoin moves steady, sliding below $30k while other cryptos experience an altseason (growth against the BTC).
  • According to the poll by Bloomberg, the ECB is set for three more quarter-point increases in interest rates in May, June, and July. That would take the deposit rate to 3.75%, where it would stay through the rest of the year.
  • For the first time in over a year, hedge funds go all in on the USD.
  • Following the closing of the last nuclear plant in Germany, the biggest energy company E.ON announced a 45% price increase.

 Is gold in the uptrend? 

The lower trendline held the price for the third time and helped gold to rise. Currently, the metal is still in the uptrend with a high probability of reaching resistances of $2020 and $2031.

However, the uptrend momentum is getting weaker. Therefore, we would recommend you lower your risks in gold and move your stop losses to a breakeven. The breakout of the blue support line will open a way to the closest support of $1986. 


Have an amazing day!



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