Gold Analysis – 9th July Afternoon Update
- Gold is once again trading over the $1580 per ounce level which is close to last weeks close.
- The June NFP (non farm payroll) data, revealed the US economy had added 80,000 jobs which was under analyst forecast expectations, but came in above May’s terrible figure. This would often be seen as a reason for gold but the market is reticent to buy the precious metal at present.
- The Euro (EURUSD) declined to a fresh two-year low prior to seeing a minor recovery.
- Benchmark yields on Spanish 10-Year government bonds have risen over the perceived “danger level” at 7% this morning.
- From a gold technical analysis perspective we see the triangle formation as being key in the mid-term. Price is currently trading near the middle of the range.
- Gold Futures (August Comex GCQ2) are at present up 0.32% on the day.