Is Gold Price Reached The Bottom

Is Gold Price Reached The Bottom 

If gold will break 1330 area you should expect to ....Get ready for move......

GOLD PRICE

On Friday Gold futures was trading just above $1,250 before the non-farm payroll numbers data was released, after the data released, gold reached the lowest level since June 8,in the middle of day the gold drops to 1241 area and got bounce from this level

According to the latest figures from the Department of Labor, 156,000 jobs were created in September compared to 175,000 new openings expected by economists. The unemployment rate rose slightly to 5%, but average hourly earnings improved again and now stands 2.6% higher over the year.

A steady increase in average hourly wages and number of hours worked strengthens the hawks on the Federal Reserve's decision-making committee who want to raise rates sooner rather than later this year. The Fed next meets early November with a final meeting for the year on December 14.

GOLD FUTURE

Technical analysis update : gold prices reached last Friday to test support prices area and didn’t make to break them down ,from technical analysis look we can see there is more room for the test again  1284-1296 areas ,break down again 1241 level will lead the gold to test 1232 areas

GOLD ANALYSIS

From quick look on the COT table we can see: swap dealer Short positions increased while Managed Money long positions increased – it was accurate due my last post , now we can see decries in short position – closing shorts position -  so it could give the gold rate a bit of air for going up to test again the upper bounds

GOLD POSITION 

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