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Main » 2020 » February » 7 » GOLD forecast for gold XAUUSD 07.02.2020 Price: GOLD Weakly cheaper WAITING PUBLICATION OF REPORT ON LABOR MARKET IN THE USA.
11:05
GOLD forecast for gold XAUUSD 07.02.2020 Price: GOLD Weakly cheaper WAITING PUBLICATION OF REPORT ON LABOR MARKET IN THE USA.

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At the auction on Friday, gold slightly depreciates against the background of the lack of the market of new risks. The demand for protective assets decreased, despite reports of further spread of the coronavirus. According to the latest data, the number of infected has exceeded 31 thousand. Man. From the disease have died 638 people. Cases of infection have been identified in 27 countries.

 

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Positive news for the financial market was the message held telephone talks between the leaders of the US and China. During the conversation, Trump and Xi reaffirmed their commitment to the implementation of the trade agreement, signed in January. Also, China's leader noted that the virus does not change the long-term growth path of the economy.

 

 

Earlier, China's Ministry of Finance reported that since February 15, will be reduced by half the number of American duties on imported goods at 75 billion. Dollars.

Today, the central event of the day will be the publication of the US labor market report for January. Experts predict a rise in the key indicators. If these expectations are justified by the US dollar may continue to move up. Precious metals will be under pressure.


On the chart the price is testing the resistance level marked before 1569.50. As long as the bears keep the price below this level, so the priority is the scenario with the decrease in quotations in the direction of the level of 1550.00. In the breakdown of the level of 1569.50 you can expect growth of quotations to 1585.00.


Levels of resistance: 1569.50, 1585.00, 1600.00;                                             

Support levels: 1550.00, 1542.00, 1530.00.

The main scenario - decline to 1550.00.

Alternative - the breakdown of resistance at 1569.50 and rising towards 1585.00.


Fundamental background - neutral. US report on the labor market could cause significant fluctuations in the price, so we recommend now to refrain from trading this instrument

 

Analytics and forecast gold  FORTFS

 

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