Gold plummets before reaching high level

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The US Bureau of Labor Statistics has published the monthly employment data. Released data has shown a major increase in unemployment. The US Dollar index reacted to the news by sharply declining.

Average Hourly Earnings were forecast to show a monthly increase of 0.3%. The actual income change is just 0.2%. Non-Farm Employment Change was expected to show a reading of 176,000 new jobs. The reality is that only 114,000 new jobs have been created. Market consensus was that the Unemployment Rate would be at 4.1%. Released number shows unemployment at 4.3%.

These data sets cut short gold's attempt to reach the all-time high levels near 2,380.00. The price of gold plummeted in the following market asset sell off and almost reached the 2,410.00 level, before a recovery started. Friday's trading was ended above 2,440.00.

If the recovery continues, the metal would have to pass above the 50-hour simple moving average and the 2,450.00 level, before approaching the high levels near 2,480.00. In addition, note that the 2,460.00 level had acted as resistance during last week.

On the other hand, a decline of the commodity price is expected to look for support in the 100-hour simple moving average. Further below, the 200-hour SMA might stop a decline, before the price reaches the 2,390.00/2,400.00 range.
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