After attempting a rally yesterday afternoon on rumours of a large physical buyer, gold has stalled out below 1705 and turned lower this morning. The yellow metal is currently trading around 1697.
Today sees the release of the Non Farm Payrolls data in the US - a very weak number will see the dollar fall and could potentially see gold and other commodities rise as the prospects for further economic stimulus increase.
Gold still looks vulnerable to further downside pressure, and a retest of 1672 still remains the most likely outcome. A failure to hold this key support level would suggest a drop to 1630, a fall that could happen rapidly.
For our subscribers at www.goldtradingexperts.com, today's video looks at the price action from yesterday and our strategy for our next trade.
Today sees the release of the Non Farm Payrolls data in the US - a very weak number will see the dollar fall and could potentially see gold and other commodities rise as the prospects for further economic stimulus increase.
Gold still looks vulnerable to further downside pressure, and a retest of 1672 still remains the most likely outcome. A failure to hold this key support level would suggest a drop to 1630, a fall that could happen rapidly.
For our subscribers at www.goldtradingexperts.com, today's video looks at the price action from yesterday and our strategy for our next trade.