Gold, which has often been viewed as a safe-haven in times of economic crisis, took fairly significant losses on Friday following the release of better than expected US employment data. The positive US news boosted confidence in the global economic recovery, which turned the precious metal bearish. Gold fell close to $20 an ounce during mid-day trading, eventually reaching as low as $1772.67 before bouncing back to $1780.41 when markets closed for the weekend.
This week, gold traders will want to monitor developments out of the euro-zone, particularly with regards to Spain’s debt crisis. Investors may shift their funds back to the precious metal if they see any signs that the situation in the euro-zone is worsening. Additionally, any worse than expected news out of the US may boost demand for safe-haven assets, which could turn gold bullish.
| GOLD (Spot) intraday: the downside prevails. |
Pivot: 1782.00
Our Preference: SHORT positions below 1782 with 1763 & 1759 as next targets. Alternative scenario: The upside breakout of 1782 will open the way to 1788 & 1795. Comment: the RSI is bearish and calls for further decline. |
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Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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