Forex Marketz Daily Forex News – Fully Markets Update
Looking at the widely traded spot gold futures contract and above four (4) hour MT 4 chart, the price of the yellow metal is trading at the bottom of a rising trend channel near $1,769 per ounce.
Yesterday the precious commodity hit a new monthly high price point but a month long rising trend line is capping gains for now.
All eyes will be on key labor data out of the United States on Thursday. The world’s largest economy, through the Labor Department, will publish their weekly unemployment claims as well as the key June non-farm payroll report (NFP).
The U.S. Labor Department will also release the monthly unemployment rate, average hourly wage change data and labor participation rate.
The European Union also has some labor data on the calendar today. Spain will release their monthly unemployment change and Italy will publish their monthly unemployment rate.
The Eurozone will also release the monthly unemployment rate. They are also publishing factory gate price. This is called the producers’ price index (PPI).
Canada will publish monthly manufacturing purchasing managers’ index (PMI) and their monthly trade balance data.
Daily Gold Technical Analysis
Looking at price action on the above MT 4 chart, the spot gold contact is trading just above the fifty (5) day moving average. The MACD histogram is also flashing a bearish signal as traders could be reaching some exhaustion at this price altitude.
Gold failed to break above the near-term resistance and couple that with what the MACD is showing, traders are now waiting on a daily close below $1,765 per ounce which would open the door to challenge the next layer of support at the 11 June high price point. This support level is at $1,745 per ounce. The next downside barrier lines up at $1,700 per ounce. Below that $1,670 per ounce comes into play.
On the upside the first layer of technical resistance lines up at $1,780 per ounce. The next upside barrier lines up at the rising trend line in play since 2 June at $1,791 per ounce. A daily close above that trend line opens the door to challenge the upside technical barrier in play at $1,803 per ounce.
