The Canadian Scotiabank issued its daily gold and silver market watch for September 6. It highlighted the gold market movement and gave a technical commentary for gold and silver.
The awaited U.S. employment numbers didn’t come surprisingly great, which gave gold price a chance to advance a little. The yellow metal opened the trading session $1,371.50, then reached the day’s low as early as it would for a brief time at $1,359.50. The U.S. employment report announcement spiked gold to its day’s peak at $1,393.50 and established the trading level for the rest of the session. The precious metal closed the trading session of the end of the week at $1,386.50.
On the technical side, gold closed higher at $1,387. The “Reversed Hammer” pattern of last weeks that was signaling a change in the trend was not confirmed. Therefore, it’s more likely that gold will remain bullish till the $1,488 level, the 50% retracement level of the downtrend from $1,795 to $1,181. Short term support was seen at $1,363 and $1,348 while resistance forming at $1,416 and $1,433. Gold price has been seen forming lower lows and lower highs in the daily chart. However, as long as gold holds above the $1,348 level, any retracement is a correction of the new bull trend.
Gold moved up by 1.6% on Friday, 0.4% down for the 5-days and up 8.3% for the month. The 5-Day MA was at $1,390.51 and the 10-Day MA at $1,399.28. The 100-Day MA was at $1,359.44 and the 200-Day MA at 1,491.28. London AM Fix was at $1,368.25 and the PM Fix at $1,387. The Pivot point for gold on Friday was at $1,382.91, support was at $1,365.65 and the current resistance at $1,407.21. The 9-day RSI was at 54, and the 14-day RSI was at 56.