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Gold Market Update: Gold Fell In Volatile Trading

ByGoldTradingExperts.com
Published 12/05/2013, 11:44 PM
Updated 07/09/2023, 06:31 AM
GC
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Gold fell in volatile trading yesterday, failing to build on Wednesday's strong short covering rally. Today, gold continues to oscillate in a wide range, with all eyes on the Non-Farms Payroll (NFP) number released at $1.30pm UK time.

A strong NFP number would be the second in a row and give the dollar a boost, pressuring gold - we may see a test of $1180 if the number is particularly strong. On the other hand, a weak number will give gold a boost and we would be watching the $1250-$1260 area for signs of resistance and an indication of the strength of the move.

The down trend is still in play and gold needs to move higher than $1295 to signal an end to this and suggest a new rally leg is underway.

Support can be found at $1225-$1227, $1217, $1212, $1200-$1207 and $1180. A break of $1180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 in the short term.

Resistance can be found at $1250, $1260, $1270, $1277-$1280 and $1291-$1295. A break above $1295 would suggest an end to the down trend, though it would take a break of $1360 to confirm this was the case.

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