- T&K Futures & Options (based on Bloomberg)
After US Non-Farm Employment data sent gold drastically up from 1,210.49 to 1,243.86, the bullion did not rebound and continued surging on Monday passing the 55-day SMA at 1,244.09. At the moment, the yellow metal has lost a little of its value and is trading at 1,243.73 per ounce. In the meantime, since it had passed the 55-day SMA, it could move up to the first weekly resistance at 1,259.11. However, if the metal keeps struggling with the simple moving average and falls, then a move to the monthly pivot points at 1,239.18 is most likely. Technical indicators are predicting a downfall for gold today.
Traders have come out of the neutral zone and became slightly bullish on gold, as 51% of open positions are long.