has been caught up in the expectations that the expectations that the US Non-Farm Payrolls could very much surprise the markets. In saying that nobody is sure that the result will be either weaker or stronger than the forecast 75k. It closes the Asia afternoon having rallied $4 to $1829. We remain cautiously bearish in the ST as we expect equities to move sharply higher in the ST and MT as economic data continues to improve.
We still believe that there are further losses to be seen right now as safe haven flows are slowly priced out of this market. Our Q3 target remains at $1,750 and we are short at the moment looking for a move back towards this level before the next big move higher to $1,950/$2000 by years end. We remain short at $1,820 with stops at $1,855 targeting $1,750/65. Small positions for now as payrolls is sure to increase volatility. Key support in the ST now sits at $1,812 and a breach here should test $1,795. On the topside, $1,840 provide strong offers and major resistance at $1,852. A break of the later and we would consider switching back to the long side.
Compass Direction Short-Term Medium-Term BEARISH BULLISH
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FX Report: GOLD
GOLD
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