The US total nonfarm payroll employment rose by 192,000 in March, and the unemployment rate was unchanged at 6.7 percent, the U.S. Bureau of Labor Statistics reported on Friday. Employment grew in professional and business services, in health care, and in mining and logging.
Technical view-
Gold prices pushed up towards the resistance level of 1,307. In Asia's trading session, the metal is trading at 1,302. In the hourly charts, the RSI is in overbought conditions, witnessing some selling pressure. The metal is quite in Asia's trading session, due to national holiday in China. We expect the price will come back up to 1,298-1,297 levels. Once broken below these levels, the metal will extend its fall to 1,295 and 1,293 levels. The level of 1,309 is the crucial for bulls to cross and close above that. This week, if the metal closes below the level of 1,312, it is no good for longs.
Go long with sl at 1,297 for targets at 1,307, 1,311, 1,317, and 1,324.
If any rise, risky traders, go short with sl at 1,310 on a closing basis (positional).
NOTE:
Above 1,307, only next targets will come.
Above 1,317, only 1,324 will be possible.
Risky traders, go short below 1,297 for targets at 1,293, 1289, 1,281, and 1,277.
Safe traders, go short below 1,293 for targets at 1,289, 1,281 and 1,277.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of Gold for April 07, 2014 . Thanks for your support on Technical analysis of Gold for April 07, 2014
No comments:
Post a Comment