U.S. jobless claims were at their lowest level in fifteen years at 262,000 below analysts consensus of 288,000. This surprise would suggest that the labour market is recovering which would be positive for the U.S. economy. Such improving US metrics build the case for higher rates from the Fed. Speculators may wish to defer GOLD purchases until Non Farm Payroll numbers are released on Friday 8th May 2015. A positive number would push gold over the edge and further to the downside
The US Dollar appears to be in the throes of a mild pullback, after falling as a result of the recent GDP release.... The mild pullback that began on Friday has a little more upside to go yet and would continue to add to the downside pressure on GOLD prices.
GOLD closed on Friday with a bearish engulfing candle / bearish outside bar on the weekly chart, marking the fourth consecutive weekly loss for the GOLD price.
The Market may opt to simply go for a test of 1165, the path of least resistance until any economic data is released confirming direction one way or the other.
The US Dollar appears to be in the throes of a mild pullback, after falling as a result of the recent GDP release.... The mild pullback that began on Friday has a little more upside to go yet and would continue to add to the downside pressure on GOLD prices.
GOLD closed on Friday with a bearish engulfing candle / bearish outside bar on the weekly chart, marking the fourth consecutive weekly loss for the GOLD price.
The Market may opt to simply go for a test of 1165, the path of least resistance until any economic data is released confirming direction one way or the other.