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MTECHTIPS:-Gold futures hold steady after Friday 4% rally; further upside seen
Gold futures held steady during European morning hours on Monday, as investors booked profitsfollowing Friday’s 4% rally, though further upside was seen amid growing speculation for more monetary easing from the Federal Reserve after Friday’s surprisingly weak U.S. jobs data.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,621.45 a troy ounce during early European trade, dipping 0.05%. The August contract traded in between a tight range of USD1,629.55 a troy ounce, the daily high and a session low of USD1,616.35. Prices touched USD1,631.25 on Friday, the highest since May 8.Gold futures were likely to find support at USD1,532.55 a troy ounce, the low from May 30 and near-term resistance at USD1,639.05, the high from May 8.Gold prices scored their largest one-day gain in more than three-years on Friday, surging 4% after the Department of Labor said that the U.S. economy added just 69,000 jobs in May, the smallest increase in a year and far below expectations for a gain of 150,000.
Gold futures held steady during European morning hours on Monday, as investors booked profitsfollowing Friday’s 4% rally, though further upside was seen amid growing speculation for more monetary easing from the Federal Reserve after Friday’s surprisingly weak U.S. jobs data.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,621.45 a troy ounce during early European trade, dipping 0.05%. The August contract traded in between a tight range of USD1,629.55 a troy ounce, the daily high and a session low of USD1,616.35. Prices touched USD1,631.25 on Friday, the highest since May 8.Gold futures were likely to find support at USD1,532.55 a troy ounce, the low from May 30 and near-term resistance at USD1,639.05, the high from May 8.Gold prices scored their largest one-day gain in more than three-years on Friday, surging 4% after the Department of Labor said that the U.S. economy added just 69,000 jobs in May, the smallest increase in a year and far below expectations for a gain of 150,000.
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