Forex Marketz Daily Forex News – Fully Markets Update
Looking at the widely traded spot gold futures contract and above hourly MT 4 price chart, the price of the yellow metal is oscillating around $1,940 per ounce as traders wait on key labor data out of the United States due later today during the North American trade session.
Today is all about labor data out of the United States and Canada. Financial market participants at 8:15 am EST will closely dissect the U.S. labor department’s labor data. They will publish their monthly non-farm payroll (NFP) report, their monthly unemployment rate, hourly wage change and labor participation rate. All of this labor data is for the month of August.
Canada will publish their official monthly unemployment change and unemployment rate. The Great White North is also releasing the private monthly Ivey purchasing managers index (PMI).
Across the Atlantic, Germany will release their monthly factory orders. The Eurozone’s second largest economy, France, is publishing their monthly government balance. The United Kingdom will release monthly construction purchasing managers’ index (PMI).
Daily Spot Gold Technical Analysis
Looking at price action on the above spot gold chart, the price of the bullion has moved above a falling trend line in play since 1 September high price point of $1,992 per ounce.
Gold traders should also note that the spot contract is trying to complete a breakout of an inverse head and shoulders chart pattern towards the upside. This will be complete is the spot contract sees a daily close above the falling trend line.
Looking at the relative strength index (RSI), this technical indicator is trading just below the mid-point at fifty (50). A rise above this level will be another possible bullish signal. The first layer of technical resistance comes into play at $1,947.54 ounce.
With the key level of $1,950 per ounce then coming into focus. The next upside barrier lines up at $1,976.75 per ounce. On the downside, the first layer of technical support lines up at $1,922 per ounce. The next layer of technical support then lines up at $1,905 per ounce.
