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Talking Points:

  • Gold Prices Unmoved by NFP Data Release
  • Markets Next Look to Janet Yellen for Direction
  • Looking for additional trade ideas for gold and commodities markets? Read our 2017 Market Forecast

Gold Prices remain flat this Friday, despite US NFP (Non-farm Payrolls) figures beating expectations this morning. Expectations for this morning’s NFP (APR) event were set at 190k, and were beat with an actual figure of 211k. Going into this weeks close, gold and commodity traders will next be looking to Janet Yellen speaking at Brown University at 17:30 GMT to provide further market direction.

Technically gold prices are trending lower in both the short and long term. Prices are currently trading beneath both the 200 day MVA (simple moving average) at $1,234.60 and the 10 day EMA (exponential moving average) at $1,250.56. Both of these lines will continue to act as points of resistance for the commodity in the event that gold prices continue to trend lower.

Gold Prices, Daily Chart with averages

Gold Prices Unmoved by NFP Data Release

(Created Using IG Charts)

Traders for today should also note that gold prices continue to trade inside of yesterday’s price action. This developing inside bar pattern may help traders plan for an eventual breakout in the market. This means going into this afternoon’s news, traders may reference Thursdays high at $1,241.69 as an intraday value of resistance. As well, Thursday’s low at $1,225.77 may be considered as a value of support. In the event that gold prices fail to breakout today, traders may continue to reference both of these values for Monday’s trading next week.

Gold Price, Daily Chart and Inside Bar

Gold Prices Unmoved by NFP Data Release

(Created Using IG Charts)

Want to learn more about trading with market sentiment? Get our Free guide here.

Currently sentiment for gold remains at positive extremes. Currently IG Client Sentiment (IGCS) reads at +3.93, with 80% of traders currently net-long the commodity. When read as a contrarian indicator, sentiment suggests that gold prices may continue to trade lower. In the event that prices do breakout below $1,225.77, it would be expected to see sentiment figures remain at or near their current extremes. Alternatively if prices breakout higher later in the day, sentiment figures may shift in the short term back towards more neutral readings.

Gold Prices Unmoved by NFP Data Release

--- Written by Walker, Analyst for DailyFX.com

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