FX & CFD trading involves significant risk
Gold prices declined moderately today as the dollar index returned to positive territory after the publication of U.S. employment data, which almost coincided with forecasts.
It is worth noting that traders tried not to open new positions before and after the data significant rally in the previous session. Recall that yesterday, gold prices rose by more than 1% on Thursday after European Central Bank President Mario Draghi said the bank is ready to act quickly for further easing of monetary policy, including the purchase of assets in the event of a prolonged period of low inflation. During the press conference after the monthly meeting of the ECB Draghi also said that the central bank will hold several rounds of target long-term lending program (TLTRO) to support bank lending.
As for today's employment report in the U.S., he showed that the U.S. economy added jobs at a solid pace in May, again confirming that the five-year recovery accelerated this spring. Employment in the non-agricultural sector increased from a seasonally adjusted 217,000 last month. On this Labor Department said. Growth in April was revised down slightly to an increase of 282,000 from the initially reported a gain of 288,000. Nevertheless, the increase in April was the best for more than two years. Gain in March remained unchanged at 203,000. Last month the total number of people employed in the United States reached 138.5 million, surpassing the previous peak level of employment of the country, made in January 2008. The unemployment rate, derived from a separate survey of households, remained unchanged at 6.3% in May. This corresponds to the lowest level since September 2008 .. Economists forecast that employment will increase by 219,000 and the unemployment rate will rise to 6.4% ..
If you evaluate a technical point of view, gold futures were likely to find support at $ 1242.80 per ounce, the low of June 4 and resistance at $ 1267.50, a maximum of 28 May. According to analysts, while gold is trading below the breached support at 1278 dollars per ounce, to talk about a trend reversal is not necessary, and reduce the risks of renewed saved.
The cost of the June gold futures on the COMEX today dropped to $ 1248.3 per ounce.
|remaining time till the new event being published|