Gold has started the new week quietly, as the spot price stands at $1195.07 on Monday. On the release front, today’s sole event is the Labor Market Conditions Index, a new indicator which the Federal Reserve introduced in October.
US employment data stole the show last week, as Nonfarm Payrolls shot up to 321 thousand in November, stunning the markets which had expected a rise of 231 thousand. There was also a rise in wages, which translate into stronger inflation numbers. The unemployment rate held steady at 5.8%, matching the forecast. The excellent Nonfarm Payrolls should help allay concerns about whether the economy can weather a rate increase in 2015.
On Thursday, ECB head Mario Draghi said that that he had no plans to implement quantitative easing for the time being and that the ECB would review its stimulus program in early 2015. The euro shot up about 130 points following the news, although it later gave back some of these gains. The ECB also downgraded its forecasts for growth and inflation, and if the Eurozone economy fails to improve, there is a reasonable likelihood that the ECB will embark on the QE route. Meanwhile, there was some unexpected good news from Germany on Friday, as Factory Orders climbed 2.5% in October, marking a three-month high. This is easily beat the forecast of a 0.6% gain.
XAU/USD for Monday, December 8, 2014
XAU/USD December 8 at 11:05 GMT
XAU/USD 1195.08 H: 1198.07 L: 1188.59
XAU/USD Technical
S3
S2
S1
R1
R2
R3
1130
1156
1175
1200
1215
1240
XAU/USD has shown little movement in the Asian and European sessions. The pair continues to trade close to the key 1200 line.
On the upside, 1200 is under strong pressure and see action during the day. 1215 is stronger.
1175 is an immediate support line. 1156 is next.
Current range: 1200 to 1215.
Further levels in both directions:
Below: 1175, 1156, 1130 and 1111
Above: 1200, 1215, 1240, 1255 and 1275
OANDA’s Open Positions Ratio
XAU/USD ratio is pointing to gains in short positions on Monday. This is not consistent with the pair’s movement, as gold has posted slight gains. The ratio is made up of a majority of long positions, indicative of trader bias towards gold moving higher.
XAU/USD Fundamentals
15:00 US Labor Markets Conditions Index.
*Key releases are highlighted in bold
*All release times are GMT
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
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