Forex Marketz Daily Forex News – Fully Markets Update
Looking at the above daily MT 4 spot gold futures chart, the yellow metal is trading just below the fifty (50) day simple moving average (SMA) as traders watch the United States as they tally the election results.
The big event for today, financial market participants are watching is the U.S. election. The spot gold contract will be quite volatile over the next few days. The precious metal will be boosted by political uncertainty and a contested election could be good for the spot gold contract.
As far as economic data is concerned, the world’s largest economy, the United States, will feature the ADP private employment change. This is the run up to Friday’s non-farm payroll (NFP) release. The U.S. will also release their final monthly services purchasing managers’ index (PMI) as well as their monthly trade balance data. Canada is also publishing their monthly trade balance.
The European Union is releasing final monthly services purchasing managers’ index (PMI) data as well. The Eurozone and Italy will publish their final services PMIs. Spain is publishing their monthly unemployment change. The United Kingdom will release their final monthly services purchasing managers’ index (PMI).
Daily Spot Gold Technical Analysis
Looking at the price action on the above daily chart, the precious metal, as mentioned above is below the 50 day SMA as traders watch election results before taking positions. With that said the spot contract is trading quietly around $1,910 per ounce. The fifty day simple moving average lines up at $1,913 per ounce.
Other upside barriers to watch line up at $1,915.55 and $1,924.85 per ounce. Further up, traders should monitor the upside barrier in play at $1,939.07 per ounce. This is just below the key level of $1,940 per ounce.
On the downside, technical support levels to watch come into play at $1,892.05 and $1,877.80 per ounce. Another downside barrier comes into play at $1,868 .50 per ounce.
