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GOLD: Steady Ahead Of US Payrolls Data

GOLD
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Gold is 0.3% higher in today’s Asia-Pac session, after closing little changed at $2655.89 on Thursday. 

  • Bullion has been steady over the past 24 hours ahead of the release of US Non-Farm Payrolls data later today.
  • The market hopes the jobs print will shed light on the health of the US economy, as it weighs the potential for further monetary easing by the Federal Reserve.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • Yesterday, ISM Services printed stronger than expected with some genuinely strong readings for both prices paid and new orders. However, the employment index fell back into contractionary territory, which took some of the gloss off an otherwise strong report.
  • According to MNI’s technicals team, gold bulls remain in the driver’s seat and moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus remains on $2,690.2 next, a Fibonacci projection, while firm support lies at $2,602.0, the 20-day EMA.
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Gold is 0.3% higher in today’s Asia-Pac session, after closing little changed at $2655.89 on Thursday. 

  • Bullion has been steady over the past 24 hours ahead of the release of US Non-Farm Payrolls data later today.
  • The market hopes the jobs print will shed light on the health of the US economy, as it weighs the potential for further monetary easing by the Federal Reserve.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • Yesterday, ISM Services printed stronger than expected with some genuinely strong readings for both prices paid and new orders. However, the employment index fell back into contractionary territory, which took some of the gloss off an otherwise strong report.
  • According to MNI’s technicals team, gold bulls remain in the driver’s seat and moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus remains on $2,690.2 next, a Fibonacci projection, while firm support lies at $2,602.0, the 20-day EMA.