Apr. 2, 2021
While Gold is on a 3 day up trend Yesterday's session suggests a slow down, Gold recovered back to $1,728.4 after dipping down to $1,706.4 in a session that started at $1,728.4.
This limbo state for Gold is reflected by market data published as the United States Unemployment Rate matches expectations with new data release of six. This is also a step forward from the previous data of 6.2. Data for the United States Manufacturing PMI released yesterday at 1:45 PM came out at 59.1, beating projections of 59 and showing improvement over the preceding figure of 58.6. United States Non Farm Payrolls came out at 916,000, above the estimate of 647,000. This is also a step forward from the previous data of 468,000.
The Chart visual study suggests gold is climbing away and is now $50.7 from the $1,677.7 support line. In terms of trend indicators, we can see that at $1,721.56, Gold made an initial breakout above the 21 day Simple Moving Average, an indication of a positive trend. On the other hand, note that the upper Bollinger band is at $1,749.38, indicating a downward move might be next.
Overall, looking at the technical analysis landscape, it seems Gold might be pointing upward in the short term.
While Gold was pretty flat yesterday, mixed performances were seen elsewhere as the S&P 500 ascended to 3,994.41, its highest rate ever. GBP/NZD hits 1.977, highest price in 6 months.
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