Gold is still below 2,300.00

Source: Dukascopy Bank SA


The Bureau of Labor Statistics has published the Non-farm Employment Change, Average Hourly Earnings and the Unemployment Rate. The data has been abysmal. The data reveals that the US economy is not doing well, as the Chairman of the Fed stated on Thursday. The economy is declining. A declining economy might need interest rate cuts.

Non-farm Employment Change was forecast to show 238,000 new jobs created. Actual numbers is just 175,000. Average Hourly Earnings were expected to show an increase of 0.3%. Wages have increased just 0.2%. The Unemployment Rate has not remained at 3.8%. It has moved back to 3.9%.

Despite these developments and the clear Dollar weakness, the price for gold just spiked to 2,320.00, before returning back to previous May low levels near 2,280.00. The low levels acted as support and started a recovery that faced the 2,300.00 mark as resistance. It appears that the metal is drawn to the round level until a clear even shows direction.

A decline could look for support in Wednesday's low level at 2,280.00. Further below, there is an April low and high level range at 2,265.00/2,268.00. Below this zone, the 2,250.00 has shown to be capable of impacting the metal. If all of these fail, the 2,225.00/2,230.00 range will come into play, before the 2,200.00 mark is reached.

However, if there is a sudden run to safety in the markets, prices for gold would surge. The metal would then face the 2,300.00 and the 50 and 100-hour SMAs as resistance. Higher above the 200-hour simple moving average is set to act as resistance near 2,320.00. Further above, watch the marked zones that could act as resistance and support after being broken.
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