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Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that risk-seeking investors have turned to stocks. It’s hard to ignore the surge of S&P 500, NASDAQ, and Dow Jones. More and more traders and investors want to take part in this rally, so they quit their gold longs and switch to indexes. US ADP employment report released today showed that the number of jobs in the US private sector declined in may less than expected. That has also contributed to the positive mood and reduced the appeal of the precious metal.
Traders can profit in indexes for sure, but don't forget that short positions in gold are also possible. The price is currently testing the 23.6% Fibonacci retracement level in the 1,690 area. The fix below this point will open the way down to $1,670 and $1,645.
At the same time, remember that gold is a safe haven. With various uncertainties that torment the world, the long-term trend for XAU/USD is bullish. As a result, every time the asset reaches support levels, it is necessary to look for the signals of bullish reversal.
Finally, the return above $1,700 (if the break to the downside turns out to be false), will allow bulls to try to push the price back up to $1,715 and $1,725.
Monitor the situation and be ready to profit!
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
What will happen? Crude oil inventories will be announced at 17:30 MT (GMT+3) on Wednesday, September 29…
What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
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