Gold Price Futures (GC) Technical Analysis – Trying to Build Support Base; Must Hold $1267.90

December Comex Gold futures finished $5.00 higher last week. The gain should’ve been larger, however a sloppy trade late Fri thanks to skinny market conditions drove costs lower into the shut.

The market was primarily supported last week by a come by U.S. Treasury yields, a lower U.S. greenback a decreasing appetence for higher risk assets.

The catalyst behind these moves were issues over a delay in U.S. tax reform. With the market valuation in associate charge per unit hike in December, a delay within the Republican tax set up could mean the Fed can got to alter the temporal order and range of future rate hikes in 2018 and 2019. this can be doubtless pessimistic for the green back and optimistic for gold costs.

Weekly Technical Analysis

The main trend is up in step with the weekly swing chart, however, momentum is clearly to the draw back. A trade through $1262.80 can amendment the most trend to down. consequent bottom comes in at $1211.10.

The uptrend can resume on a trade through $1308.40. consequent upper side target over this level is that the main high at $1362.40.

The major vary is $1139.70 to $1396.00. Since early October, its retracement zone at $1267.90 to $1298.10 has been providing support.

The main vary is $1211.10 to $1362.40. Its five hundredth level or pivot is $1286.80. Commercialism below this level is giving the market a draw back bias.

Weekly Technical Forecast

Based on last week’s shut at $1274.20 and therefore the weekly value action, the direction of the gold market on is probably going to be determined by dealer reaction to the main five hundredth level at $1267.90.

A sustained give $1267.90 can signal the presence of consumers. this might result in a labored rally with a series of levels at $1282.40, $1283.10, $1286.80 and $1298.10 providing layers of resistance.
Crossing to the sturdy aspect of $1298.10 can indicate the shopping for is obtaining stronger. this might trigger a very into the most high at $1308.40. this can be the trigger purpose for associate acceleration to the upper side.

A failure to carry $1267.90 can indicate the presence of sellers. this might result in a fast check of $1263.80 and $1262.80.

Look for associate acceleration to the draw back if $1262.80 is taken out with conviction. this might trigger a pointy entered consequent up trending angle at $1247.10.

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Gold is a Misunderstood Metal – Don’t make the Mistake of Ignoring it

Gold was once a typical kind of payment round the developed world, however once warfare II the dear metal’s influence began to wane.

In 1971, once the us finally place associate degree finish to the gold normal, the role of the alpha-beta brass modified permanently. however that doesn’t mean gold is simply associate degree old relic or a foul investment; you would like to induce past such myths regarding gold to know its place within the world, and, perhaps, your portfolio. Here area unit following myths regarding gold debunked.

1. There’s a firm answer as to whether gold is or isn’t cash

There’s no purpose in attempting to prove that gold is cash, or that it isn’t. Because, in some ways, the solution is affirmative — to each. Roughly Sept. 11 of the demand for gold in 2016 came from central banks and alternative monetary establishments.

Gold bars and gold coins, meanwhile, accounted for an additional pure gold more or less of total demand. therefore roughly a 3rd of gold demand in 2016 came from shoppers watching money-like uses for gold. yankee Eagles, curiously enough, area unit sealed with “face values” that vary from $5 to $50.

That said, around forty seventh of gold demand in 2016 came from jewellery. That’s a large share, and clearly not associated with cash in any manner. shopping for a flowery gold jewelry may well be the way to point out however flush you're, however you actually aren’t doing it with the intention of victimization the jewelry as a kind of currency. the remainder of the demand for gold comes from things like medicine and technology, that area unit even additional alienated from cash.
The real answer here, however, is that it doesn’t matter.

You clearly can’t walk into your native foodstuff and plop gold bullion to pay your bill, or a minimum of I don’t suggest it. even supposing yankee Eagles have a “face worth,” they area  thought-about collectibles and are price way more than the greenback figure sealed on them.

At an equivalent time, you'll be able to simply exchange gold for bucks. Even a gold jewelry will be oversubscribed fairly quickly (for the worth of the gold a minimum of, if not the complete worth you procured it). therefore gold is quite a collectible, however perhaps to a small degree but a currency.

2. You shouldn’t own physical gold

If gold is just reasonably cash, why hassle owning physical gold at all? the reality is, owning gold will be a true pain within the neck. for instance, if you purchase a gold coin you’ll possible pay a markup over the worth of the metal contained within the coin. If you purchase direct from the U.S. Mint the markup helps to acquire the stamping of the coin. If you purchase from a dealer, the markup is that the dealer’s commission.

Once you've got the gold, meanwhile, you've got to try and do one thing with it. you may stuff it in a very drawer, however that sounds like a foul necessitate one thing that might be price hundred or thousands of bucks. which may mean you purchase a secure or place the coin in a very bank safe strongbox.

Either way, you're currently paying for the privilege of owning the gold you acquire. So far, owning physical gold feels like a foul proposition — unless, of course, one thing extremely unhealthy happens.

No, I’m not suggesting the zombie apocalypse, the recent analysis suggests that around five-hitter of usa citizens do really worry such a issue. however it’s not surreal to counsel that a war or alternative event might materially disrupt the world’s monetary systems.

War, for example, is feared by nearly five hundredth of usa citizens, whereas a monetary collapse worries regarding forty fifth folks. In either case, if act currencies just like the greenback became trashy, your gold coin would suddenly have plenty a lot of practical worth — anyplace within the world.

It doesn’t be to own all of your wealth in gold, however it’s most likely not a foul plan to think about owning some physical gold or silver. simply just in case.

3. Gold is associate degree awful investment

Gold bugs adore it (I surprise what number gold bugs believe zombies?), hate it. the matter with gold as associate degree investment, of course, is that it’s a arte-fact subject to typically volatile and extreme value swings. however there’s a restricted provide of the metal, and, as noted higher than, it will be simply changed for money. that creates it a physical store of wealth with a value driven by capitalist sentiment. many of us conceive to time the ups and downs of gold. solely during this case, worry can sometimes drive the value of this valuable higher.

Last time I checked, market temporal order was onerous to try and do with success on an even basis. And if that’s what you’re watching gold for, I’d argue it's possible to be associate degree awful investment. however here’s the thing: worry tends to drive folks toward cover investments which will retain worth in a very worst-case state of affairs. That’s gold, in a very shell. And, thus, gold tends to try and do well once alternative assets (like stocks) do poorly.

To put variety on it, throughout the 2007 to 2009 recession, gold complete the amount up around 200.

The S&P 500 Index, meanwhile, was lower by regarding 400. Clearly, that was an honest time to have gold! And for those that don’t recall, there was a true worry at the time that the worldwide financial set-up was on the verge of collapse.

So, perhaps, the important question isn’t whether or not or not gold may be a sensible investment, however why you're shopping for gold within the initial place. If you're longing for diversification, or a secure haven, then gold will play a significant role in your portfolio. You should, however, keep the share comparatively little. On the opposite hand, if you're attempting to time gold’s value swings you’re most likely creating an error.

4. Owning gold miners is best than owning gold

This is a tricky one and, like purpose most wanted higher than, the solution will go either manner. If you would like to have gold in preparation for a worst case state of affairs (there go those zombies again), then owning gold are far better than owning stock in a very miner.

And if all you need may be a cover investment, then direct purchases of gold area unit the purest thanks to win that finish.

That said, shopping for a gold exchange listed fund like iShares Gold Trust (NYSEMKT:IAU) would win an identical finish. This fund’s portfolio consists of gold bars control in London, New York, and provincial capital. therefore the fund’s performance usually tracks gold and permits you to avoid the issues of owning physical gold whereas still obtaining most of the advantages.

Owning gold miners, however, may be a very little totally different. during this case you own a corporation, like business giants Barrick Gold, Goldcorp, and Newmont Mining. Since what these firms do is mine for, process, and sell gold, their performance tends to trace beside the value of the dear metal. And, on the manner, every of those firms pays you a dividend. The yields these days area unit modest, all below a hundred and twenty fifth, however that’s far better than what you’ll get with physical gold or iShares Gold Trust.

The problem here is that you just area unit subject to the inherent risks of miners. Rising prices will scale back earnings and cut down monetary results.

Meanwhile, aging mines will result in falling production over time, and new mine developments will convince be costly mistakes. There area unit alternative issues which may arise, too, however you get the thought. once you obtain a miner you own a corporation, and corporations will create mistakes.

On the flip facet, the shares of gold miners will generally move a lot of dramatically than the dear metal itself. That’s significantly true for smaller miners and marginal miners that require high costs to show a profit. generally a mining stock will double and triple in worth once gold goes up abundant less.

Of course, what goes up also can go down, therefore there area unit risks here, too. however if you're wanting to leverage yourself to gold, then miners area unit an honest bet.
So owning gold versus owning gold miners is, once again, extremely a matter regarding your goals.

5. Your solely investment selections area unit physical gold or gold miners

Please don’t create the error of stopping your hunt for a gold investment at physical gold (or gold ETFs) and gold miners. There’s an extra choice you ought to get to understand before you choose however you would like to have gold: streaming firms. a number of the largest names here area unit Franco-Nevada business firm(NYSE:FNV), Wheaton Precious Metals business firm (NYSE:WPM), and Royal Gold, INC (NASDAQ:RGLD).

Streaming firms give money up front to miners in exchange for the correct to shop for precious metals within the future at contractually reduced rates. to convey you a plan of what meaning, Wheaton Precious Metals’ average value for gold is around $400 an  — well below current spot costs.

The business model affords these firms wide margins even once precious metals costs area unit low and miners area unit troubled. In fact, throughout arte-fact downturns streaming firms will cash in of miners in want of money to ink advantageous streaming deals.
All 3 pay dividends, with current yields between a hundred and twenty fifth and a pair of.
Wheaton’s dividend is tied to the company’s performance, therefore it'll go up and down over time. Royal Gold and Franco-Nevada, however, each have long histories of standard annual dividend will increase.

It’s additionally vital to notice that these firms aren’t dependent on one or 2 massive mines (like a labourer may be); they need investments in a very assortment of various assets, together with operational mines and mines in some part of development.

Franco-Nevada, for instance, has its fingers in over three hundred assets. therefore streaming firms area unit most likely best checked out as specialty finance firms with numerous mine investment portfolios.

In some ways, they're a stronger long choice than miners. However, they don’t tend to own the maximum amount leverage to gold costs. however if you're longing for a gold investment for diversification, they may find yourself being the most effective combination of gold exposure, dividends, liquidity, and simple use.

If you're watching gold, you ought to take a while to induce to understand streaming firms like Franco-Nevada, Wheat on Precious Metals, and Royal Gold.

In the end, however you own gold is up to you and associated with your personal goals. however once you get past these 5 myths, you’ll be ready to create a lot of educated selections regarding the dear metal and its place in your life and, perhaps, in your portfolio. – Reuben Gregg Brewer

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Gold Prices Dip In Asia As Dollar Gains, Middle East Risks Eyed

Investing.com -Gold costs swayback in Asia on Tuesday as investors continuing to eye political risk within the Mideast however shied aloof from new shopping for because the dollar rebounded regionally.
For December delivery on the Comex division of the big apple Mercantile Exchange fell 0.17% to $1,279.44  a ounce. futures on the Comes fell 0.16% to $3.154 a pound.
The U.s rose 0.06% to 94.68 once dropping sharply long.

Overnight, gold costs listed sharply higher on Monday as political uncertainty within the Mideast fuelled safe-haven demand.

Gold costs created a powerful begin to the week as investors heaped-up into the valuable metal amid growing political uncertainty within the Mideast once Saudi prince Muhammad bin Salman junction rectifier Associate in Nursing anti-corruption drive that resulted during a series of arrests of outstanding Saudi Arabians.

A retreat within the dollar, meanwhile, additionally underpinned a move higher in gold costs as capitalist considerations grew over the leadership of the Fed once the Fed Bank of recent royal line confirmed that William Dudley was getting ready to retire sooner than planned.

Gold costs square measure sensitive to moves lower within the U.S. dollar – A lower dollar makes gold cheaper for holders of foreign currency, thus, will increase demand.

Despite information showing market participants augmented their optimistic bets on the valuable metal last week, traders expected gold costs to stay vary certain with biased toward the draw back.

Net optimistic bets on gold rose to 193,100, from 191,400 the previous week per a report from the trade goods Futures mercantilism Commission (CFTC) on weekday.

Disclaimer: Fusion Media would really like to cue you that the info contained during this web site isn't essentially period nor correct. All CFDs (stocks, indexes, futures) and Forex costs aren't provided by exchanges however rather by market manufacturers, so costs might not be correct and should disagree from the particular market value, which means costs square measure indicative and not applicable for mercantilism functions. thus Fusion Media doesn`t bear any responsibility for any mercantilism losses you may incur as a results of exploitation this information.

Fusion Media or anyone committed Fusion Media won't settle for any liability for loss or injury as a results of reliance on the information as well as data, quotes, charts and buy/sell signals contained at intervals this web site.

Please be absolutely hip to relating to the risks and prices related to mercantilism the monetary markets, it's one in every of the riskiest investment forms potential.

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Believe It Or Not! The The Stock Markets Have Peaked – Brace for the Worst Crash Ever

Stock Markets Have Peaked – Brace for the Worst Crash Ever
U.S. stock markets fell the foremost in seven weeks, whereas the greenback slouched with Treasuries as Associate in Nursing uneven batch of company earnings reports foiled a risk-on rally and revived turmoil in Washington vulnerable to be the tax overhaul. Investors are wanting exhausting at earnings and economic knowledge for indications of broadening growth which will sustain the rallies at the same time as the FRS and different central banks begin to tug back on stimulation. The S&P 500 Index fell from close to a record high, with weak results blow shares. Ten-year Treasury yields broken a pair of.47 percent, their highest since March.

I have suggested & conjointly initiated sell within the Dow Dec Futures at 23,428 yesterday. looked like the sole sane choice at these dizzy levels. Dow Dec Futures are already all the way down to 23,203 (down 233 points from the life-time high of 23,436 hit yesterday) at the time of posting this text. Let’s wait and watch however it plays out.

3 Reasons ensuing Crash available Markets may well be Worse than Black Monday
Peter Schiff: Thirty years agone, the North American country stock markets had their worst single day in history.

On Oct. 19, 1987, currently noted merely as “Black Monday,” the stock index Industrial Average lost 508 points. That drawn 22.6% of its price.

Over the last number of years, stock markets have enjoyed a meteoric rise. The Dow closed higher than 23,000 for the primary time in the week. however in recent months, bankers and investors round the world have started expressing concern regarding the apace inflating securities market bubble and its future impact on the globe economy. simply last month, Tiger Management co-founder full general Oscar Robertson unambiguously known as the North American country stock markets a bubble and blessed it on the Fed’s interventionist financial policy.

At some purpose, the soaring stock markets can fall back to earth, and MarketWatch editorialist Howard Gold says ensuing crash might prove worse than Black Monday.

As Gold points out, within the aftermath of the 1987 crash, the recession didn’t formally pop out till 1990. That was nearly 3 years when Black Monday. As a result, lots of individuals dismiss the 1987 crash as a mere blip on the radio detection and ranging. however Gold cites a book by Diana B. Henriques to create the case that Black Monday was over only 1 unhealthy day. Henriques argues it absolutely was a painful market that lasted 3 months and enclosed a virtually 35th drop by the stock index.

In A fantabulous Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History, Henriques calls Black Monday a near-systemic crisis that was a precursor for a lot of that came later.
Henriques maps out many basic causes behind black Monday, as well as “breakneck automation, poorly understood monetary product oil-fired by large amounts of borrowed cash, fragmented regulation, [and] large herd like investors.”
Gold recently interviewed Henriques. She told him that not a lot of has basically modified since 1987. supported the interview Gold offers 3 key reasons why ensuing crash available markets may well be even worse than Black Monday.

The market is way a lot of fragmented.
In 1987, the sole 2 major players were the big apple securities market and also the Chicago Mercantile Exchange. As Gold place it, the 2 chairmen may institute the primary “circuit breakers” giving traders “timeouts” within the inside of a sell-off with a mere handshaking. Today, the stock markets are rather more fragmented with multiple players. The stock market solely handles regarding half-hour of all trades nowadays. That compares to 19th in 1987. As Henriques points out, “we’ve got twelve regulated stock exchanges, we’ve got thirty [alternative commerce systems] wherever stocks will trade and [who knows] what number dark pools — members-only commerce venues.” She same coordinative everyone within the inside of a meltdown nowadays would be like social cats.

Regulators sleep in their own very little worlds
Henriques same Dodd-Frank created rigid rules wherever flexibility was required. She told Gold, “We’ve rapt up to now from any realistic approach to promote regulation, I don’t apprehend wherever you'd begin.” Gold wrote, “The SEC and CFTC are like tugboats passing within the fog, at the same time as monetary innovation continues rapidly. Efforts to rationalize the structure when the monetary crisis were killed by Congress’ competitory fiefdoms.”

Nearly instant processed commerce is a lot of pervasive than ever
JP Morgan estimates passive and quantitative finance accounts for hour of stock commerce, double its share a decade agone. “You have commerce methods that are algorithm-driven by large investors victimization not billions however trillions of bucks,” Henriques same. Henriques told gold that the 24/7 news cycle and social media may unfold panic more and quicker than in 1987.
Debt & Brain-Dead Retail Investors prop Stock Markets
SRSroccoreport: Because the stock index Index hits another incomparable high nowadays, sensible cash is dashing to the exits. You see, sensible cash is aware of once one thing is just too smart to be true. sadly for the retail capitalist World Health Organization is full of acute BRAIN injury, they're doing quite the alternative. As establishments perfidy on every new value rise, retail investors are with happiness buying… reach paw.

And why shouldn’t they? These are smart times. Well, perhaps not for Americans living in Houston, elements of Florida, Calif. or in Puerto law. no matter happened to the news on the huge flooding and cyclone injury in Houston, Florida and Puerto Rico? I keep in mind seeing videos of urban center High-Rise Condos with water 5-8 feet encompassing the complete space. will anyone have a concept of what happens to electrical systems once salt water floods buildings? It’s not smart.

Regardless… the quantity of destruction major U.S. cities have knowledgeable about within the past 3 months is like nothing we've got witnessed before. alas, lots of those homes and businesses can ne'er be restored. Not solely don’t we've got the cash to try to it, a lot of significantly, we tend to conjointly don’t have the accessible energy. whereas the huge destruction by hurricanes, flooding and hearth haven't compact the securities market presently, they will.

As i discussed at the start of the article, retail investors are shoring up the stock markets. However, they aren’t the sole ones, or ought to I say, the sole consider keeping the stock markets from decline in quality a drop. because of fictitious character, total U.S. debt has augmented by $590 billion in precisely the past month. Here could be a table of U.S. debt from the information printed by the fine people at Treasury Direct.gov:

The U.S. debt limit was finally broken on Sept eighth because the Treasury accessorial another $318 billion of debt in someday. Since that day, the U.S. debt has augmented by another $271 billion. The addition of debt to the U.S. Government record had an exquisite impact on the stock markets:
You will notice that the stock index Index was running on the 50 Month Moving Average (BLUEline).

Any breach below an important technical support line may force commercialism by traders. But, when the U.S. Treasury accessorial another $318 billion of debt on Sept 18th, this propelled the markets higher. whereas I don’t pay a lot of attention to technical analysis, several skilled traders most definitely do.

And… because the U.S. Treasury accessorial another $271 billion in debt, the markets continuing even higher. So, what we've got shoring up the stock markets are DEBT and BRAIN-DEAD RETAIL investors. this is often not an honest sign. whereas the stock markets can doubtless continue higher, it'll solely provide institutional investors a lot of chance to sell out:

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Gold Prices Gain In Asia On Weaker Dollar

Investing.com – Gold costs gained in Asia on weekday with a weaker dollar aiding buuying sentiment within the physical market.
for Dec delivery on the Comex division of the ny Mercantile Exchange rose 0.27% to $1,284.36 a apothecaries' unit. The U.S. dolalr index fell 0.16% to 93.57.

Overnight, gold costs were roughly unchanged on weekday as dollar strength continued to weigh down top momentum within the valuable.

In what was a quiet day for top-tier economic information, gold costs came harassed on signs that sentiment on the dollar is popping positive when information showed traders continued to unwind their pessimistic bets on the buck.

Speculators pared internet pessimistic bets on the dollar to their lowest level in additional than a month, goods Futures mercantilism Commission information showed on weekday.

The precious metal has struggled to pare losses since falling below a key index of $1300 amid signs of progress on tax reform and growing expectations that the U.S. financial organization can hike rates later this year.

According to nearly 100% of traders expect the Fed to hike interest rates in Dec.

Gold is sensitive to moves higher in each bond yields and therefore the U.S. dollar – A stronger dollar makes gold dearer for holders of foreign currency whereas an increase in U.S. rates, carry the chance price of holding non-yielding assets like bullion.

Disclaimer: Fusion Media would really like to prompt you that the info contained during this web site isn't essentially period of time nor correct. All CFDs (stocks, indexes, futures) and Forex costs aren't provided by exchanges however rather by market manufacturers, so costs might not be correct and will take issue from the particular value, which means costs square measure indicative and not applicable for mercantilism functions.

So Fusion Media doesn`t bear any responsibility for any mercantilism losses you may incur as a results of victimization this information.

Fusion Media or anyone attached Fusion Media won't settle for any liability for loss or harm as a results of reliance on the information  together with data, quotes, charts and buy/sell signals contained inside this web site.
Please be absolutely abreast of concerning the risks and prices related to mercantilism the money markets, it's one among the riskiest investment forms potential.

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Gold Prices Inch Higher In Asia In Thin Trade With Key Markets Shut

Gold costs inched up in Asia on Thursday with markets this as urban center, Republic of Korea and China shut for holidays.for Dec delivery on the Comex division of the  big apple Mercantile Exchange inched up 0.05% to $1,277.44 a ounce.

Overnight, gold costs remained roughly unchanged on Wed because the greenback came besieged following reports that a pacifistic FRS chair are appointed next year.

Downside momentum in gold costs were capped because the greenback sank following a political leader report suggesting that U.S Treasury Secretary Steven Mnuchin favours Fed Governor Jerome Powell over former Fed governor Kevin Warsh as Janet Yellen replacement once her term as chair expires in February.

Powell is wide viewed as less hawkish than Warsh, UN agency has been important of Fed’s bond-buying programme within the past.

Dollar-denominated assets like gold area unit sensitive to moves within the greenback – A dip within the green back makes gold cheaper for holders of foreign currency and therefore, will increase demand.

Gold costs might return besieged later within the session as Fed chair Janet Yellen is slated to deliver a speech at 3:15PM ET (1915GMT) Wed. though the speech is scheduled to last solely quarter-hour, traders area unit expected to closely analyze the speech for clues on financial policy outlook.

Disclaimer: Fusion Media would really like to prompt you that the information contained during this web site isn't essentially period of time nor correct. All CFDs (stocks, indexes, futures) and Forex costs aren't provided by exchanges however rather by market manufacturers, and then costs might not be correct and should take issue from the particular market value, that means costs area unit indicative and not applicable for mercantilism functions. thus Fusion Media doesn`t bear any responsibility for any mercantilism losses you may incur as a results of victimization this information.

Fusion Media or anyone involved Fusion Media won't settle for any liability for loss or injury as a results of reliance on the information together with data, quotes, charts and buy/sell signals contained inside this web site.

 Please be totally well-read relating to the risks and prices related to mercantilism the money markets, it's one in every of the riskiest investment forms attainable.

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Gold prices gain in Asia on london Attacks, Qatar diplomatic row

Gold found support in Asia on Monday after a weekend attack in London that killed seven after a van mowed down pedestrians on London Bridge and attackers from the vehicle fanned out and started stabbing people at nearby restaurants and bars and mulled the potential fallout as key Gulf Countries and Egypt snapped diplomatic and commercial ties with Qatar over terrorism support charges.

Gold for June delivery rose 0.19% to $1,282.61 a troy ounce on the Comex division of the New York Mercantile Exchange.

Last week, gold prices rose to their highest level in over than a month on Friday after a disappointing U.S. employment report underlined the case for the Federal Reserve to continue raising rates at a gradual pace.

The U.S. economy added 138,000 jobs last month the Labor Department reported, falling far short of economists’ expectations for 185,000 new jobs.

Figures for March and April were also revised to show that 66,000 fewer jobs were created than expected, indicating that the labor market may be losing momentum.

The unemployment rate ticked down to a 16-year low of 4.3%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.57% to 96.61 late Friday. It was the lowest close since the U.S. presidential election on November 8, which sent the index soaring.

Gold and the dollar typically move in opposite directions, which means if the dollar goes down, gold futures, which are denominated in the U.S. currency, will rise.

Most analysts still believe the disappointing data will not stop the Federal Reserve from raising interest rates at its meeting later this month.

Traders now see a roughly 88% chance of a Fed rate increase on June 14, down slightly from 89% before the jobs report.

But the slowdown in jobs growth could temper expectations for a pick-up in economic growth in the second quarter after the economy expanded by just 1.2% year-over-year in the first quarter.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

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Current Gold rate: Check out the current gold price

Gold prices held firm on Thursday after falling as much as 1 percent the previous day, with tensions surrounding North Korea and the upcoming French presidential election driving safe-haven demand amid a firmer dollar.

Spot gold was mostly unchanged at $1,278.64 per ounce at 0346 GMT. The metal fell 0.8 per cent on Wednesday in its worst one-day drop in over a month.

WHAT'S HAPPENING TODAY

The yellow metal was trading 0.17 per cent, or Rs 50, down at Rs 29255 per 10 kg around 10.25 am (IST), while the white metal was down 0.17 per cent, or Rs 73, at 41825 per 1 kg. According to SMC Investment and Advisors, bullion counter may witness volatile movement on mixed fundamentals on Thursday. However, Gold (June) can move in range of Rs 29,200-29,450 while silver (May) can move in range of Rs 41,500-42,300 in near term.

Gold traders are expecting Akshaya Tritiya sales to be better than last year on the back of lower year-on-year prices and a steady improvement in supply of cash at ATMs. Demand for gold on the April 28 Hindu festival, which some communities consider auspicious for buying gold, could also swell on buyers' fears that the goods and services tax (GST) could turn the metal costlier, they said. The current 1% VAT may be replaced by a 6% GST in addition to the import duty which stands at 10%.

GOLD REFINING PICKS UP

Gold refining activity has picked up in India after a gap of five months since the demonetisation in November. MMTCBSE 1.03 %, PAMP, the only London Bullion Market Association-accredited Indian refiner, said it was in response to a decline in smuggled gold, while others said the spike in demand from the upcoming wedding season and Akshaya Tritiya are the cause.

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Comex Gold Futures (GC) Technical Analysis – February 20, 2017 Forecast

April Comex Gold futures are buying and selling decrease early in the session on Monday. The move may be a continuation of the promoting that happened late Friday. The less assailable buck can be influencing the price motion as well as the slight rise in U.S. fairness futures.

Gold has been reacting these days to the motion in U.S. Treasury yields. nowadays, is a U.S. bank holiday so that choice can be long gone because the Treasury markets are closed. buyers have also been buying gold as a hedge against political uncertainty in France.

Technical diagnosis

the principle pattern is up according to the day by day swing chart. A trade via $1246.60 will sign a resumption of the uptrend.

The early price motion has helped form a new minor prime at $1245.10.

A trade via $1217.50 will flip the main trend to down.

the key 50% degree is $1235.60. The brief-time period 50% stage is $1232.00. The market is at the moment trading in between these degree. they are controlling the direction of the market.

Forecast

in response to the present price at $1235.00, the route of the April Comex gold market today will likely be determined with the aid of trader reaction to the 50% level at $1232.00.

A sustained move over $1232.00 will point out the presence of consumers. this might trigger a labored rally on account of attainable resistance at $1235.60, $1238.60 and $1242.60. The latter is the last doable resistance prior to the $1245.10 minor top and the $1246.60 main top.

If $1232.00 fails as fortify then look for a snappy wreck into the uptrending attitude at $1229.50. eliminating this attitude may trigger a transfer into the next uptrending angle at $1223.50. this is the ultimate potential make stronger angle prior to the principle backside at $1217.50 and the foremost lengthy-term perspective at $1215.30.

simply stated, watch for an upside bias to improve over $1235.60 and a downside bias under $1232.00.

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