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Gold correction slowed around the first support $1310 as bulls control the market

Feb 5 2019, 02:26 AM (CST) | Fortfs.com

Gold ended the Monday session with slight decline around 0.35% being somewhat under pressure from USD dollar. USD dollar turned positive after Friday Non-Form data and on Monday traders played that driver with greater interest amid some luck of information.

Judging by US markets performance, which initiated minor rally on Monday, global markets accepted Non-Farm data positively despite mixed character of report. First investors generally appreciated the very strong growth in the number of created jobs and bought the dollar despite the expected suspension of the rate hike for 2019. As a result USD dollar index ended Monday session with the result of slightly more than + 0.3% and above 95.45 points.

Mentioned positive equity session provided some pressure for gold market. On Monday US equity market gained around 0.7%-1% somewhat decreasing investors interest in safe-haven assets.

On the chart, the situation has not changed much for Monday session. Gold market retains middle-term positive sentiment and the fact that gold decline has slowed down around the first support is another sign that this market is under complete bull control. USD dollar growth in current conditions has a fragile nature and we believe that this a correcting which may abruptly end around 95.70 points.

Today we will focus upon the main event of the week – US President Donald Trump speech in US congress. Earlier in Europe, the news broke out that Trump had had a meeting with FOMC chief Powell. However, no details have been reported so far. Besides that, markets will focus upon data on IS PMI in non-manufacturing sectors.

 

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