Gold prices moved lower as the dollar gained traction as riskier assets moved lower. The dollar increased despite a decline in US yields. This came following a softer than expected rise in US non-farm payrolls. The decline in riskier assets was generated by the news that President Trump contracted COVID-19.
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Technical analysis
Gold prices edged lower by was able to hold support near the 10-day moving average at 1,887. Resistance is seen near the 50-day moving average at 1,945. The 10-day moving average crossed through the 50-day moving average which means a short-term downtrend is in place. Medium-term momentum is negative rising as the MACD (moving average convergence divergence) line is about to generate a crossover buy signal. Short-term momentum has turned positive as the fast stochastic recently generated a crossover buy signal. The current reading on the fast stochastic is 39, rebound from the oversold trigger level of 20 which could foreshadow a correction.
Payrolls Rise Less than Expected
Non-farm payrolls rose by 661,000 jobs in September, according to the Labor Department. This compared to expectations that job gains would increase by 850,000. While disappointing, there was a silver lining. The unemployment rate fell to 7.9% in September from 8.4% the prior month. Though the jobless rate is down sharply from a pandemic high of near 15% in April, the drop reflected an increase in permanent layoffs and more people leaving the labor force.
"soft" - Google News
October 03, 2020 at 01:10AM
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Gold Price Prediction - Prices Ease Following Soft Payroll Report - FX Empire
"soft" - Google News
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