Review-
ADP non-farm employment data
Private sector employment increased by 220,000 jobs from March to April, according to the April ADP National Employment Report. Companies hired more workers in April than at any time in the previous five months, signaling further progress in the labor market, a private payrolls report showed. The 220,000 increase in employment followed a revised 209,000 gain the prior month that was stronger than initially estimated. The Labor Department data may show on May 2 that the jobless rate would fall to 6.6 percent from 6.7 percent.
Technical view-
The metal has been making lower lows and lower highs for the last 3 consecutive days. As of now, the metal opened today's trading session on a neutral note. Today the same sell on rally strategy will work well. As we have recommended recently, the metal is still on a bearish note. On an intraday basis, if the metal trades above $1,291, traders can buy for small profit. Selling is not safe, as it trades above $1,291. One can buy for $1,293, $1,294.6, $1,297.60 and $1,300 levels. On the upper side, $1,301, $1,303 and $1,306.60 is the heavy resistance levels. On the down side, if the pair trades below $1,288, it will take immediate support at $1,285 levels. Once it breaks below this, the panic situation will take the metal towards $1,277, $1,273.30, $1,268.20 levels. Until the metal crosses above $1,306.60, the downside opens for $1,251.80 and $1,242.80 levels within strong support at $1,277 and $1,268.20 levels.
On a positional basis, if the metal trades and sustains above $1,300 levels, it will fly up to $1,306.60, above this, $1,310, $1,317 and $1,322 levels. A day close above $1,300, the technical buy will strengthen.
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 May 01, 2014 . Thanks for your support on Technical analysis of gold for May 01, 2014
No comments:
Post a Comment