Forex Signals Services by FXPremiere Group – Gold within range around $1,264
Gold within range around $1,264
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Gold within range around $1,264 read more below.
The ounce troy of the precious metal is trading within a sideline theme at the beginning of the week, currently around the $1,262.00 area.
Gold supported near $1,251
Bullion dropped to $1,251 area on Friday in response to labour capital forex market, with non-farm payrolls coming in at 224K, the jobless rate ticking lower to 4.5% and the critical earnings rising 2.3%
The demand for the gold metal is trading on the defensive for the fourth consecutive session.
Expectations of a Federal Reserve move at some point towards year-end seem to have appeared from nowhere after July’s payrolls, putting the demand for the safe haven metal under pressure heading downwards.
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As of writing Gold is losing 0.15% at $1,262.65 facing the next support at ¢1,253.90 (low Aug.4th 2017) followed by $1,253.11 (55-day sma) and finally $1,247.32 (21-day sma). On the upside, a break above $1,273.30 (high Aug.1st 2017) would expose $1,276.43 (76.4% of the June-July drop) and then $1,298.80 (2017 high Jun.6th 2017).
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