Gold and stocks with interesting move on US open

marketsforu

In the minutes, following the ringing of the opening bell on Wall street new buyers flooded into the Gold market with similar selling in US stocks.

On an m5 timeframe the size of these moves is readily apparent. Both these moves suggest that the market maybe believes the US economy is still not strong enough to support the FED in them wanting to raise rates this year. The market reaction immediately following earlier data releases (here) was inconclusive, but the increase in Volume brought in on the open seems to suggest that the majority of market participants view this as not strong enough to support FED liftoff. Note that the US500 axis is inverted, so even though it looks higher that indicates selling.