Gold Price Analysis: Retreats to 200-HMA, bearish candle on weekly chart
Gold has surrendered gains seen in early Asia and could revisit the Feb. 5 low of $1,548 during the week ahead. The yellow metal is currently trading around the 200-hour moving average (HMA) at $1,570, having hit a high of $1,576 in early Asia.
The pullback could be associated with the positive turn around in the US equity index futures. At press time, the futures on the S&P 500 are reporting a 0.10% gain compared to a 0.5% drop seen in early Asia. The safe-haven metal may continue to lose ground, as early signs of bearish reversal have emerged on the weekly chart.
Gold: may see an increased volatility after the NFP data release
The gold futures contract gained 0.46% on Thursday, as it retraced more of the recent decline. The market has bounced off $1,550 support level on Wednesday. The yellow metal was gaining despite stock market's rally following better-than-expected economic data releases. Today we may see an increased volatility on the financial markets after the Nonfarm Payrolls number release at 8:30 a.m.
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