+357 25 105 641
Gold technical review 15
Published on 04.08.2017 14:45

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.

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Andrew Masters

Analyst

The world of trading has no boundaries
×

Risk warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, your level of experience and preparation 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.

Important notice
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.