Yesterday, Gold slightly declined and shortly fell below $1,170/ounce. Volatility on the market was limited as traders awaited today’s U.S. Non-farm payrolls data. Recent data has shown that the report is more likely to be weak. However, with respect to current movement on the market, investors are betting that the data will be stronger.
If the data is worse than expected, the price of yellow metal may climb above $1,200/ounce. The trend is slightly bearish. Support is found at 1,170 and resistance at 1,200.0.
May 8, 2015 – Commodities News
Gold
Yesterday, Gold slightly declined and shortly fell below $1,170/ounce. Volatility on the market was limited as traders awaited today’s U.S. Non-farm payrolls data. Recent data has shown that the report is more likely to be weak. However, with respect to current movement on the market, investors are betting that the data will be stronger.
If the data is worse than expected, the price of yellow metal may climb above $1,200/ounce. The trend is slightly bearish. Support is found at 1,170 and resistance at 1,200.0.
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