Huitong Financial App-spot gold rose slightly in intraday trading in Asia on Friday, with the current price slightly above $2305 an ounce. Valeria Bednarik, chief analyst at FXStreet, wrote that gold hovered around $2300 an ounce due to a lack of directional belief among market participants. Market participants are waiting for the U. S. non-farm payrolls report in April. The gold market fluctuated sharply on Thursday, with spot gold plummeting to $2285.43 an ounce in early trading in New York, but then rebounded sharply, reaching as high as $2309.47 an ounce. As of Thursday's close, spot gold closed at $2303.49 an ounce, down 0.66 per cent on the day.
(spot gold daily chart, source888casinosignup(Yi Huitong) from a technical point of view, Bednarik pointed out that the short-term trend of gold is neutral to bearish, with a strong near 2336.50 US dollars / ounce.888casinosignupIs interested in selling.
Friday 20: 00 Beijing time888casinosignupAt 30: 30, investors will usher in the US non-farm payrolls report in April, which is bound to trigger a big market in the gold market.
According to authoritative media surveys, non-farm payrolls in the United States are expected to increase by 243000 after the quarterly adjustment in April, up from 303000 in March. The US unemployment rate is expected to be flat at 3.8 per cent in April.
Investors will also focus on wage and labour force participation data. According to the survey, the average monthly rate of hourly wages in the United States is expected to rise 0.3% in April, and the annual rate is expected to rise 4.0%. The labor force participation rate in the United States is expected to be flat at 62.7% in April.
From a technical point of view, gold daily charts show that gold sellers depressed gold prices around $2326.50 an ounce for the second trading day in a row on Thursday, Bednarik said. This level is 23.6% of the rebound trend of $1996.06 / oz-$2431.43 / oz. Fibonacci retracted.
The gold daily chart also shows that the 20-day simple moving average (SMA) is slightly above the above level, while the longer-term moving average maintains its upward trend at a level much lower than the current gold price. Finally, the technical indicators are kept at a negative level, and the intensity is uneven, so that the trend risk is on the downside.
Bednarik added that the four-hour chart showed that gold prices were now below bearish 20-cycle SMA and 100-cycle SMA, but higher than the moderately bullish 200-cycle SMA. Technical indicators have rebounded from previous lows, but are still below the midline and are losing upward power, suggesting buyers are not interested at the moment.
It is worth mentioning that Goldman Sachs remains bullish on gold, which is expected to rise to $2700 an ounce by the end of the year. This is due to strong demand from emerging market central banks and Asian households, while interest rates are falling.
14 Beijing time888casinosignupSpot gold is now at US $2305.13 / oz.
