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"Traders were cautious ahead of tonight's U.S. employment report."
- Australia & New Zealand Banking Group (based on Bloomberg)
Pair's Outlook
Possibly after today's US report on jobs the XAU/USD cross will finally decide to move at least beyond its nearest technical levels, which are represented by the weekly pivot point and weekly S1 at 1,092 and 1,080, accordingly. However, as mentioned in our previous reports on gold, the metal will be focusing more on either 1,103 or 1,071 in the medium-term. Daily technical studies are sending signals to sell the precious metal. On the other hand, Stochastic sees gold oversold, as it is giving positive indications in the weekly and monthly time frames.
Traders' Sentiment
Sentiment with respect to the precious metal grew by three percentage points from 56% up to 59%, thus improving for the first time in six working days.
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