Home Gold News Gold Sees Some Recovery As US Equities Plunge

Gold Sees Some Recovery As US Equities Plunge

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Gold prices rose on Friday as a slightly weaker U.S. dollar and a pullback in global equities lifted demand for the safe-haven metal, while investors awaited the release of U.S. non-farm payrolls data for August. The dollar index fell 0.1% against its rivals after rising to a near one-week high in the previous session, making gold less expensive for holders of other currencies. The head of the Chicago Federal Reserve on Thursday called on Congress to deliver more fiscal aid and signaled U.S. monetary policy would be eased further and interest rates kept at ultra-low levels for years to help the economy recover its pre-pandemic strength. U.S. weekly jobless claims fell below 1 million last week for the second time since the pandemic started, but that did not signal a strong recovery in the labor market. Investors now await U.S. payroll figures due later in the day for further signs of labor market stagnation. Silver gained 1.1% to $26.92 per ounce.

Gold saw some buying in the US session amid a hefty drop in equities. The metal fell earlier and COMEX Gold futures tanked to a one week low of $1932 per ounce as US dollar firmed up. COMEX Gold is trading around $1944 per ounce, up 0.30% on the day.

TREND : WEAK BULLIISH / SIDEWAYS

Time                                      :           04/09/2020

Pivot                                      :           1934.51

Technical View                     :             LONG ABOVE 1941.45

Target                                   :            1948.19, 1959.64, 1972.78

Technical View                     :             SHORT BELOW 1928.86

Target                                   :            1923.21, 1910.16, 1898.61

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