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Consolidating After Friday's Test Of Resistance

GOLD

Bullion has consolidated Friday's NFP-inspired gains in Asia-Pac dealing, with spot last little changed, just shy of $1,830/oz. Friday saw traders seemingly pay more attention to the downtick in the USD on the back of the soft headline NFP print, as opposed to the uptick in U.S. real yields, with participants suggesting that the NFP release effectively weighed on/nullified the chances of an imminent taper decision from the U.S. Fed.

  • Friday's rally was capped by the July 15 high/bull trigger ($1,834.1/oz), which continues to act as initial resistance. A break there would expose the 61.8% retracement of the decline witnessed between Jun 1 & Jun 29 ($1,853.3/oz). Initial support is seen at the August 19 low ($1,774.5/oz).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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