FXEMPIRE
All
Corona Virus
Stay Safe, FollowGuidance
World
11,756,483Confirmed
541,086Deaths
6,753,131Recovered
Fetching Location Data…
Advertisement
Advertisement
David Becker

Gold prices moved lower on Friday, as the dollar edged higher and US yields moved upward. This came in the wake of a stronger than expected US payroll report. The stronger than expected jobs data, gave a boost to riskier assets and weighed on the value of the yellow metal.

Trade gold with FXTM

 

 

 

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus

Min Deposit:$10

Visit Broker

90% of retail CFD accounts lose money

 

 

 

Technical Analysis

Gold prices moved higher initially testing resistance near the October highs at 1,517, before turning lower late in the trading session. Support on the yellow metal is seen near the 10-day moving average at 1,497. Additional support is seen near the 100-day moving average at 1,470. Short term momentum whipsawed into positive territory as the fast stochastic generated a crossover buy signal. The fast stochastic is printing in the middle of the neutral range. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index recently generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the black with an upward sloping trajectory that points to higher prices.

Advertisement

Jobs Data Beat Expectations

The Labor Department reported on Friday that US Nonfarm payrolls rose by 128,000 in October above expectations. Economists had expected payrolls to rise by 90,000. The strong number beat even with a decline of 42,000 in the motor vehicles and parts industry due to the loss of jobs that came due to the General Motors strike. Both August and September jobs data was revised higher. August’s initial 168,000 estimates came all the way up to 219,000 while September’s jumped from 136,000 to 180,000. Together, the new estimates added 95,000 positions for the two-month period, bringing the three-month average to 176,000.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk