Gold price made a lot of movement, which shocked the market yesterday and in the trading session today. We watch a rise in gold price after the un expected weak data from USA, the manufacturing index fell to 49 in May from 50.7 in the previous months. For sure, it affect the US Dollar value to record a decline, this issue lead to a rise in gold price, in which gold price succeeded to hack over the level of $1400 USD/Ounce of gold .
We watch a decline in gold price in the trading session today, In which gold price hacked below the average of $1400 USD/ Ounce of gold to reach the level of $ 1397.90 USD/ Ounce of gold in the spot market by a decline equal to 0.94%, but gold price was pushed down by the rise of the U.S. Dollar, the U.S Dollar recorded a rise by 0.21 and by the rise of the stock market in Europe. We watch a trend from the investors to head away from gold market to gain some fast profit.
There is another direct reason for the decline of gold price in the trading session. I can see some technical selling take place in the market to gain some profit after the declining sessions for gold, so there was a good opportunities for investors to gain profit especially from Asia, after gold price passed the level of $ 1400 USD/ Ounce of gold, it was the only chance for investors to work gain profit.
The physical demand on gold, a bad news about its decline especially from china and India, which could indicate by a decline in gold price in the near future.