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Instrument: GOLDs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1705.01 with take profit at 1707.56.
Bearish Preference:
A Sell position is envisaged if price trades below price 1699.83 with take profit at 1697.54.
Fundamentals:
1:30pm
USD Average Hourly Earnings m/m
USD Non-Farm Employment Change
USD Unemployment Rate
Comment:
The bears in gold have been pushing and pushing and they’ve finally got what they wanted: The spot price of bullion tumbled beneath $1,700 for the first time in five weeks on Thursday, just ahead of the U.S. jobs report. Three separate indicators on U.S. employment — Tuesday’s JOLTS, or the Job Openings and Labor Turnover Survey, Wednesday’s ADP private payrolls report for August and Thursday’s weekly jobless statistics — have told different stories.
Analysis: SCRUM Team
