In the last week gold price recorded a rise after a weak U.S data about the labor market, in which gold price on that day succeeded to hack above the average of $1411 USD/Ounce of gold. because of lack of trust in the U.S. Dollar, we watch its decline and a rise in gold price, but it did not continue like that because of burgin hunter which entered the market, and starting on technical buying process.
Expected U.S Data and it is affect on gold price
The expected U.S Data is going to be about the labor market, but it did not expect to had a lot of change. Expectation is about the decrease of the unemployment number, but it is not that enough to increase the value of the U.S Dollar. For sure the Labor data improvement will affect gold price but we can say it will temporary affect on gold price. In other words it will cause a decline in gold price but just a slight decline in gold price.
Gold price is considered as an indicator for the global market we can say, by the decline of gold price, it is a good indicator for the increase of the global economy. And for sure when gold price rise it is an indicator for the weakness of the economy. By the weakness of the global economy most of investors head to gold, as the safe heaven for the value of their money, it is the only issue cause the rise of gold price in the case of bad economical situation.
It is expected to watch a stability in gold price, between the average of $1380 and 1420 USD/ Ounce of gold in the next week trading sessions. There is a wish for gold investors, it is about gold price, to record a rise over the average of $1420 USD/ Ounce of gold, this wish could came true, if the U.S data came negative and the Euro area succeed to improve its economy which mean a rise of the Euro vs the U. S . Dollar so i can say that this dream could came true, but the rise in this situation will be for more than the level of $1455 USD/Ounce of gold.