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Gold Outlook for the Week

Release Time:2018-06-04 02:03

Market Commentary

Gold moved lower overnight on friday , opening the day at 1294.25/1295.25. Immediately after the open, the metal declined to a low of 1288.75/1289.75 on dollar strength following better than expected U.S. non-farm and private payrolls data as U.S. 10-year Treasury yields climbed to a weekly high. Shortly thereafter, gold rebounded on buying interest to a high of 1298.50/1299.50 before consolidating to end the day just above opening levels, at 1295.00/1296.00.

Technical Commentary

Gold closed lower on friday, at 1295.50. Resistance is at 1308 - the 200 Day MA. Support is at 1286 - the 61.8% Fibo retracement level of the Dec - Jan rally. MACD is positive; however, I remain bearish on gold as long as it closes below the 200 Day MA.