After another week of gains, gold is trading quietly in the Monday session. In North American trade, the spot price for an ounce of gold is $1319.03, down 0.07% on the day. On the release front, it’s a quiet start to the trading week, with no major US releases.
On Friday, the US posted mixed employment numbers. Nonfarm Payrolls dropped to 148 thousand, down from 228 thousand in the previous release. This was well below the estimate of 190 thousand. There was better news from wage growth, which edged up to 0.3%, matching the forecast. This marked a 3-month high. The unemployment rate remained unchanged, at a sizzling 4.1%.
Gold prices continue to head higher, as the metal rolled off a fourth straight winning week. Gold has jumped an impressive 5.5% since December 11, despite a strong US economy and a December rate hike from the Federal Reserve. On Friday, gold touched a high of $1326, its highest level since mid-September. Risk appetite on the part of investors remains high, but for now, this has not dampened enthusiasm for gold. With the US dollar showing broad losses in recent days, gold could continue to rally.
Monday (January 8)
- 12:40 US FOMC Member Raphael Bostic Speaks
- 13:35 US FOMC Member John Williams Speaks
- 15:00 US Consumer Credit. Estimate 17
Tuesday (January 9)
- 10:00 US JOLTS Job Openings. Estimate 6.05M
*All release times are GMT
*Key events are in bold
XAU/USD for Monday, January 8, 2018
XAU/USD January 8 at 13:05 EST
Open: 1319.86 High: 1322.18 Low: 1314.75 Close: 1318.80
- XAU/USD ticked lower in the Asian session but recovered in European trade. The pair is showing limited movement in North American trade
- 1307 is providing support
- 1337 is the next resistance line
- Current range: 1307 to 1337
Further levels in both directions:
- Below: 1307, 1285, 1260 and 1240
- Above: 1337, 1375 and 1416
OANDA’s Open Positions Ratio
XAU/USD ratio is showing movement towards long positions. Currently, long positions have a majority (58%), indicative of trader bias towards XAU/USD reversing directions and moving to higher ground.