Gold reacted to the U.S. ADP Non-farm employment change data by adding almost $10/ounce. However, once investors started to predict possible scenarios for Friday’s Non-farm payrolls report, the price declined and dropped below $1,200/ounce. As written previously, the price of the yellow metal will find it hard to increase as traders are speculating that Friday’s labour data will be optimistic and dampen demand for safe-haven assets.
The only aspect which is currently supporting the price is the weak performance of the stock market. The movement is slightly bearish. Support is found at 1,188.0 and resistance at 1,223.3.
March 5, 2015 – Commodities News
Gold
Gold reacted to the U.S. ADP Non-farm employment change data by adding almost $10/ounce. However, once investors started to predict possible scenarios for Friday’s Non-farm payrolls report, the price declined and dropped below $1,200/ounce. As written previously, the price of the yellow metal will find it hard to increase as traders are speculating that Friday’s labour data will be optimistic and dampen demand for safe-haven assets.
The only aspect which is currently supporting the price is the weak performance of the stock market. The movement is slightly bearish. Support is found at 1,188.0 and resistance at 1,223.3.
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