Gold closes down for the eighth session in a row; breaking yields us takes metal from the minimum. – Metals – 22 November 2023

O   gold   closed lower for the eighth session in a row this Wednesday, 4th, even though it recovered from the lows of the day, with investors paying attention to the direction of interest rates   Treasuries   Americans, who took a break from the recent advance.

At Comex, the metals division of the New York Mercantile Exchange (Nymex), the   gold   with delivery scheduled for December, it closed down 0.36%, at US$ 1,834.80 per troy ounce. At the intraday low, the metal was traded at US$1,831.60.

“ Gold prices are stabilizing after a tumble at the turn of the day created an important technical floor, after exchange rates   Treasuries   30-year highs have made a breakout attempt above 5% ,” wrote Oanda analyst Edward Moya. Now, gold should form a pre-payroll swing range, which should support prices in the region between $1,830 and US$1,850, according to the analyst.

The market remained unstable following the release of economic data and recent developments in the   Congress   increase uncertainty about negotiations around the American budget. This morning, an ADP survey revealed lower-than-expected job creation in the private sector, dampening the pressure generated yesterday by the higher-than-expected numbers in the Jolts report. The indices   PMI   of services and composite were generally in line with estimates.