As the global marketplace for gold keeps evolving, it’s essential to stay updated on the latest news. Here are the crucial updates on the gold market for June 27, 2023.
Market Analysis
One of the notable analytical tools for active intra-day gold futures traders and market watchers is the 5-minute bar chart for Comex gold futures. This chart displays key short-term moving averages that traders can utilize for crossover buy and sell signals. Based on technical support and resistance levels, it also presents potential buy and sell price entry points[1].
Price Movement
The spot gold market closed at 1914.20, with a bid/ask spread of 1913.20/1914.20. The day’s low/high was 1910.70/1931.50, marking a change of -9.60, or -0.50%. The 30-day change showed a decrease of -33.00, or -1.70%, while the 1-year change indicated an increase of +90.50, or +4.97%[2].
In the international market, spot gold gained 0.3% to $1,927.94 per ounce, and U.S. gold futures rose 0.2% to $1,937.70[3].
Technical Forecast
As we head into Q2 of 2023, there’s some uncertainty in the gold market, with possible shifts in the economic backdrop influenced by a less hawkish Federal Reserve. From a technical perspective, the long-term weekly chart for gold has breached the 1950.00 resistance handle (now support) for the second time this year. If the Relative Strength Index (RSI) is considered, bearish divergence signs may indicate a possible move lower[6].
