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2 Aug 2013
GOLD finding cushion yet losing shine
FXstreet.com (Chicago) - Gold dropped for sixth consecutive day as US job market and manufacturing data reiterated potential decrease in Fed’s monetary stimulus.
The US economic seemed to take off on second quarter of the year as GDP growth for Q2 outperformed expectations at 1.7% vs. projected 1.2%. Initial jobless claims published on Thursday confirmed improvements as they lessened to 326K vs. a 345K general consensus. To complete bullish state of affairs, the Markit Manufacturing data published a better than anticipated index at 53.7 vs. 53.1 estimates.
Trading at 1306.90/oz, the futures contract seemed to find cushion at start of Friday’s trading journey in Asia as it accumulated 0.02% gains within the last hour.
Short term expectations for gold are on the upside as stated by the ICN technical analysis team: “Gold settles at the middle of recent sideways consolidation, maintaining fluctuations around the 50-days SMA, holding above the main ascending support, while the bullish wave continues to be intact.” Later today, nonfarm payroll data to be released at 12:30 GMT, might potentially drive contract to lower grounds.
The US economic seemed to take off on second quarter of the year as GDP growth for Q2 outperformed expectations at 1.7% vs. projected 1.2%. Initial jobless claims published on Thursday confirmed improvements as they lessened to 326K vs. a 345K general consensus. To complete bullish state of affairs, the Markit Manufacturing data published a better than anticipated index at 53.7 vs. 53.1 estimates.
Trading at 1306.90/oz, the futures contract seemed to find cushion at start of Friday’s trading journey in Asia as it accumulated 0.02% gains within the last hour.
Short term expectations for gold are on the upside as stated by the ICN technical analysis team: “Gold settles at the middle of recent sideways consolidation, maintaining fluctuations around the 50-days SMA, holding above the main ascending support, while the bullish wave continues to be intact.” Later today, nonfarm payroll data to be released at 12:30 GMT, might potentially drive contract to lower grounds.