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Gold is Trading lower after the release of the US non-farm payrolls on Friday. The report indicated a lower than expected drop in payroll earnings which weighed on the precious metal even though unemployment figures remained high at 14.7 percent.
The unemployment data came as no surprise for Traders following the recent weekly figures released by the US department of labor. This perhaps explains the little movement in gold prices as the market had already anticipated this event.
Looking at the underemployment figures, which encompasses the unemployed and also those not searching for jobs, gives us a slightly more troubling image. Nearly a quarter of Americas labor force is at a standstill waiting for the coronavirus restrictions to be lifted.
The impact of the virus on the economy is being felt across all sectors but most notably the leisure and hospitality which lost over 7 million workers since the start of the crisis. A return to normal economic conditions will likely not be seen for some time as consumer spending will remain relatively constrained due to continued restriction imposed on consumers.
Trader sentiment is slowly shifting towards more risky assets as global equities continue to rally. Gold prices may be under significant pressure in the short run as trader optimism around the loosening of restrictions in European countries helps drive up stock prices.
Should there be a second wave of coronavirus infections prompting European governments to reissue travel restrictions, gold once again will likely soar in value. Adding to this scenario the increased possibility of further monetary stimulus by central banks and we have the right conditions for further gains in the safe-haven metal.
From a technical standpoint, gold prices may carry over its losses into the start of next week as short term momentum remains down. The bearish target will likely be a push towards the 1,679.61 support level with further support to be expected on the upward trendline slightly above the 1,650 marks. On the flip side, should an increase of coronavirus infections be reported over the weekend, gold may rally back towards the 1,730 resistANCe level in the near term before stabilizing.
(Chart Source: Tradingview 10.05.2020)
Traders may look into selling the downward correction and re-enter long positions around the 1,679.61 support level. That said, price action in the build-up the 1,679.61 should help indicate whether selling momentum is weakening or not.
Support & resistANCe levels:
R3 1,796.62
R2 1,754.56
R1 1,730.00
P 1,715.27
S1 1,679.61
S2 1,650.00
S3 1,632.56
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - GOLD Forecast
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