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Gold Market Update - 8th Jul

8/7/2013

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Trade Gold Online
The NFP number came in far strong than expected on Friday, with the April and May numbers revised upwards as well.  This led to a sharp sell off in gold and a surge higher in the dollar, now trading well above key resistance at 84.50.

Gold touched a low of 1208 before recovering a little into the close and is trading around 1225 this morning.  Oil has also powered higher and is now trading above $103 a barrel.

With traders returning to their desks after the 4 July holiday in the US, we may see greater trading volume in the markets and a retest of 1180-1200 could be on the cards early this week.  A break above last week's high of 1267 would suggest a rise to 1300-1320.

Today's video for subscribers looks at the effect of the NFP number in more detail and our strategy for our next trade.

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UK Gold Trading Experts (UKGTE) is a trading name of Drupac Limited, a company registered in England and Wales (company number 09167819) whose registered office is 1 St. Paul's Square, Birmingham, B3 1QU.