The gold price can’t seem to go anywhere today as traders sit on the sidelines awaiting the non-farm payrolls report and the unemployment rate from the US due out later this afternoon.
The figure for the non-farm expected by the market is 90,000 which is well down on last month’s number of 156,000.
With such a low number expected, the chances that it will come in above expectations is considerably high and if it happens the gold price is likely to get punished and head down towards the next resistance level of $1,256.
In the event the figure disappoints investors, gold is unlikely to go higher than $1,280 and then probably get pushed back down again as it did in the previous 2 trading sessions.
It seems for the time being that gold has lost its appeal and it will take something special to attract interest in it again.
Donald trump and his war of words may just be the thing that gold needs right now.
IMPORTANT: Please be informed, that our services are available for Professional Clients only. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.