Safe-Haven-Metal Underpinned Ahead Of US NFP Figures – Quick Trade Plan
Gold prices bounced off support level of 1,549 level, having formed a higher's high pattern, which is keeping the yellow metal bullish....
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Last updated: Friday, February 7, 2020
Today in the early Asian session, the yellow metal prices dropped ahead of the release of the much-expected jobs data, which is scheduled to release during the day. The drop in the safe-haven metal prices came despite the Asian equities flashing red today, with Hong Kong’s stocks also losing approximately 0.5%.
On the coronavirus front, China declared the latest update that there were an additional 73 deaths losses and 3,143 new cases of the coronavirus in China as of February 6, the National Health Commission said in its daily update on Friday. This brings the total number of deaths in China to 636 and the total number of confirmed cases to 31,161.
On the other hand, the report came that Chinese President Xi Jinping and his US counterpart Donald Trump took a conversation and confirmed their commitment to completing phase one of the trade deal, which will likely not good for safe-haven-metal.
China has moved to lower tariffs on $75 billion in US imports, in the wake of the recent incomplete trade agreement with the US. With this, the US 10-year treasury yields close at two-day-old recovery to 1.63% whereas most Asian stocks are also negative during press time.
Daily Support and Resistance
S1 1525.48
S2 1540.41
S3 1548.2
Pivot Point 1555.34
R1 1563.13
R2 1570.27
R3 1585.2
GOLD prices bounced off support level of 1,549 level, having formed a higher’s high pattern, which is keeping the yellow metal bullish. The precious metal heavily depends upon the release of US NFP figures, which are expected to drive further moves in the US dollar.
Today, gold may find immediate support around 1,562, along with resistance around 1,571. On the lower side, the violation of 1,562 can lead to gold prices towards 1,555
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Arslan Butt
Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.
His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.
His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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