Today’s Hot Asset: Gold
Gold mounted to $1,170/ounce on Friday, an increase of almost 3%, as the market priced in the weak U.S. data. With the unemployment rate dropping to 5.8% and showing signs that the economy might be improving at a slightly faster rate than what was expected, most analysts now believe that the price could descend again. Further speculation regarding a climb in interest rates could be possible.
Movement is sideways. The support is found at 1,130 and resistance at 1,180.
The EUR/USD is currently trading around 1.2490 after recovering slightly from a two year low this weekend. Increases were seen resulting in the disappointing U.S jobs data. No major data is expected for release today and low volatility could be expected. As a result we are recommending technical trading with short term expirations.
Continuing the trend, no important releases are due until later this week. Until Friday, the pair should trade between its support and resistance.
Sideways movement. Support is found at 1.2360 and resistance is at 1.2555.
the GBP/USD continued to fall, on Friday, and reached below the 1.5800 mark. A depreciation of the dollar was measured, after the release of the U.S Non-Farm Payrolls. The pair was expected to further decline until the release. Limited gains were observed, however, and the pair remains low – currently trading below 1.5900. Expectations are that the pair will continue to trade today below 1.6000.
The trend is sideways. Support is found at 1.5790 and resistance at 1.5925.
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