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04.07.2014 15:20

Gold: an overview of the market situation

Gold prices rose slightly, while closer to the maximum value since March. Continued to dictate the dynamics of trading yesterday's optimistic data on U.S. employment. We also add that today's trading volume is lower than usual as U.S. markets closed for the Independence Day holiday.

Recall that yesterday's report from the U.S. Department of Labor has shown that non-farm employment increased to a seasonally adjusted 288,000 last month. Gain May was revised to 224,000 from 217,000, while the improvement in April was increased to 304,000 from 282,000. This was the strongest increase since January 2012. The unemployment rate, derived from a separate survey of households, fell to 6.1% in June to the lowest level since September 2008. Improvement reflects more people employed, while the size of the workforce has remained relatively stable. Economists had forecast an increase in employment by 211,000 and the unemployment rate according to them was to remain unchanged - at 6.3%.

"Liquidity fell again in connection with a holiday in the United States. But when trading volume will increase on Monday, gold becomes cheaper because long positions are closed, "- said precious metals trader in Tokyo.

From a technical standpoint, the price could fall to $ 1,300 an ounce, because it had previously fallen below the support level of $ 1,316.

Over the week, gold has risen in price again, extending this series to 5 weeks due to geopolitical problems in the Middle East and Ukraine.

The cost of the August gold futures on the COMEX today rose to $ 1321.2 per ounce.

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