The gold price is directionless in today’s trading as the market awaits one of the biggest economic releases of the year, which is expected to be the driver of monetary policy in the US for the nearest future.
The Non-farm payrolls figure and unemployment rate from the US are due out later today and depending on the figures, gold is likely to continue its uptrend or face severe pullback.
Strong numbers may help the US Federal Reserve raise interest rates next month, which is seen as negative for gold as it is not an interest bearing investment and we may see a pullback to the former resistance level of $1,260.
Should the figures disappoint the market gold is expected to make its way towards the $1,280 mark where it may face some headwinds.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this broker. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this broker. Before deciding to trade foreign exchange you should consider whether you understand how CFDs work, your investment objectives, your level of experience and readiness of taking risk. The possibility exists that you could sustain a loss of some or of all of your initial investments and therefore you should not risk more than you are prepared to lose. Please seek independent financial advice if necessary.
|By clicking "Continue" you will be redirected to the website operated by FIBO Group, LTD company registered in BVI and regulated by FSC. Please familiarize yourself with the Customer Agreement through the link. Click "Cancel" to remain on this page.|