LONG XAUUSD
Fundamental backdrop
The jobs market in the US is in a state of chaos at the moment with another record print for weekly jobless claims and a record matching 701K non-farm payroll number this afternoon. It has to be said the data was for March but missed out the last two weeks of initial jobless claims due to the cut off period. This means that the true numbers may be reflected in next months reading.
There is still a massive amount of central bank and government stimulus around.
In terms of COVID-19 news, the rate of change in Italy and Spain seems to be slowing as the world passes the 1million mark. The US has surpassed 200 thousand cases to become the worlds worst affected nation. What is interesting is the fact that and Larry Kudlow (Director of the United States National Economic Council) said that the US would not reopen until the US are satisfied on the health side.
Technical picture (4-hour chart)
The chart is showing that the gold price has broken the month-long trendline on the chart. this level seems significant but not as significant as the USD 1645.per ounce wave high marked by the black line. A break of these two levels will tell us lots about the macro environment and how badly investors are rushing for safe-haven assets.
For next week the USD1445 resistance zone will be key. If this breaks then we could look forward to the test of the USD 1700 zone and 1800 thereafter.
The jobs market in the US is in a state of chaos at the moment with another record print for weekly jobless claims and a record matching 701K non-farm payroll number this afternoon. It has to be said the data was for March but missed out the last two weeks of initial jobless claims due to the cut off period. This means that the true numbers may be reflected in next months reading.
There is still a massive amount of central bank and government stimulus around.
In terms of COVID-19 news, the rate of change in Italy and Spain seems to be slowing as the world passes the 1million mark. The US has surpassed 200 thousand cases to become the worlds worst affected nation. What is interesting is the fact that and Larry Kudlow (Director of the United States National Economic Council) said that the US would not reopen until the US are satisfied on the health side.
Technical picture (4-hour chart)
The chart is showing that the gold price has broken the month-long trendline on the chart. this level seems significant but not as significant as the USD 1645.per ounce wave high marked by the black line. A break of these two levels will tell us lots about the macro environment and how badly investors are rushing for safe-haven assets.
For next week the USD1445 resistance zone will be key. If this breaks then we could look forward to the test of the USD 1700 zone and 1800 thereafter.
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