Gold Trading February 3, 2017

by Trader-Joe
(U.K.)

Gold Trading February 3, 2017

Gold settled last Friday in New York at 1,220.13 an ounce right up more than $20 to make the week climbing towards in the vicinity of a 10 week high. The United States labor department unveiled the regular monthly unemployment figure adding 227,000 most recent jobs and having a bit of effect on yellow metal prices on Friday Feb. 5 2017.

Gold prices are trading under 100-day moving average, however, trading above the 20-day simple MA. The trend is steady to higher. The U.S greenback continues to be hanging right around the 100 number.

The next primary resistance will be November 16, 2016, high around $1,233, and when that's busted, I believe we're able to return to around the $1,300 level right where we've been before the Trump election since there is still enough space to run for the upside.

Volatility in the gold is relatively substantial since we currently have significant price swings each and every day, therefore, be sure you have the appropriate amount of money (to margin your trades) in your account, to manage risk properly.