LONG :(
•Gold is trading over 1% higher as news in the US markets sends investors looking for the safe-haven.
•There is a trendline that could be a resistance point for the yellow metal in close proximity.
Today there has been some volatility in risk assets such as the indices after the US weekly initial jobless claims data reached another record level (+6K). Gold still managed to hold on to its gains.
Tomorrow the market will get the latest non-farm payrolls data for March and -100K is expected vs the previous reading of 273K. The market can expect some volatility again when the release is due and how much more can the worlds central banks do in terms of stimulus? It is a view held by many analysts that money is becoming more and more worthless due to the QE to infinity policies being enacted by the major central banks. In this scenario, gold will strengthen as it is a tangible asset and there is only a finite amount of supply.
Technical picture:
Gold has been bullish in yesterday's session as well as today's. There is another resistance zone in the way in the form of the black trendline at around USD 1620.00. Beyond that, the USD 1640.00 level looks pretty strong but if the economic news gets worse they might just be a test of higher levels. If that level gets taken out it will then be up to the bulls to gather enough momentum to attack the USD 1703.40 wave high on the chart. This is where the trendline originated and it can be considered the main resistance zone before the market aims for the historical highs.
•There is a trendline that could be a resistance point for the yellow metal in close proximity.
Today there has been some volatility in risk assets such as the indices after the US weekly initial jobless claims data reached another record level (+6K). Gold still managed to hold on to its gains.
Tomorrow the market will get the latest non-farm payrolls data for March and -100K is expected vs the previous reading of 273K. The market can expect some volatility again when the release is due and how much more can the worlds central banks do in terms of stimulus? It is a view held by many analysts that money is becoming more and more worthless due to the QE to infinity policies being enacted by the major central banks. In this scenario, gold will strengthen as it is a tangible asset and there is only a finite amount of supply.
Technical picture:
Gold has been bullish in yesterday's session as well as today's. There is another resistance zone in the way in the form of the black trendline at around USD 1620.00. Beyond that, the USD 1640.00 level looks pretty strong but if the economic news gets worse they might just be a test of higher levels. If that level gets taken out it will then be up to the bulls to gather enough momentum to attack the USD 1703.40 wave high on the chart. This is where the trendline originated and it can be considered the main resistance zone before the market aims for the historical highs.
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