Naeem Aslam
Zaye Capital Markets
Gold price
The precious metal’s price action is expected to be a wild one today, and this is because the US NFP number is likely to bring higher volatility for the metal. Again, a strong reading may trigger a sell-off for the gold price as the risk off rally pick up more strength, and a weak number could push the gold price higher as investors will run for safety. In terms of important price levels, investors and traders will be looking at the 1,900 as an essential level of support, and if the price drops beyond this point, we may see an intense sell-off in the coming days. As for the resistance, the number which could be tested today is 1950. Overall, the chances are that we may see the gold price recovering some losses today.
The information is purely for education purposes only and cannot be perceived as an advise.
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