Thursday, April 4, 2019

GOLD - 04 April 2019

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Fundamental Highlights

Gold prices edged up on Thursday' early session as a weaker-than-expected US payroll data outweighed optimism surrounding US-China trade. Data on Wednesday showed private payrolls in the US increased by just 129,000 in March, well below the expected 184,000. That was the worst reading since September 2017. The disappointing data added to concerns of slowing US economic growth and lifted prices of the safe-haven Gold. Uncertainty supporting Brexit deal also continue to support the yellow metal prices as the UK parliament approved a bill to block a no-deal Brexit.

Technical Analysis

After failing to break above the $1293.78 resistance level, Gold prices proceeded downwards and found support at the $1288.63 level. This morning, the price got back up to challenge the $1293.78 as the momentum looks to build up. A break above it will send the price towards the $1300 level as we will be watching it closely.

Support: 1291.35/ 1288.63
Resistance: 1293.78 / 1303.07

Chart (H4)