Gold will face a tough challenge next week after slight recovery on Friday
Gold ended the week with -2.15%, despite slight recovery on Friday New York trading session. It struggles to get beyond the previous support level ($4,300 per troy ounce). Equities also faced tough challenge this week after a surge on US10Y (U.S. 10 Year Treasury yield). Next week will determine the next move for the market.
Gold faced yet another bearish week, although its disappointing price action has been somewhat contained to just -2.15%. Gold finished the week around $4,285 per troy ounce, after slightly recovering on Friday's New York trading session.
Silver spot hasn't been doing that much better either, it traded at $64.31, noting a -2.96% in the past one week alone. Gold mining stocks have also been doing bad in the past week, despite slight recovery today.
Equity markets also sent mixed signals, but mostly they haven't been doing that well in the past one week, after US10Y rose and kept its momentum above 5.1%.
USD dollar index (DXY), on the other hand, registered a good win this week, with its solid price action past 101.034 level. Many fiat currencies have been going down against the USD in the past 7 days alone.
Next week will be another tough challenge for the market, with Core PCE Price Index data will come out on Wednesday, and U.S. Non-Farm Employment Change will also come out on Friday, that might affect the market even further.
Related assets: Gold, Silver, Palladium, Platinum, Copper