Comex gold accelerated to the upside as buy stops were triggered on a day when the market was boosted by soft U.S. jobs data, said Dave Meger, director of metals trading with Vision Financial Markets.
He continued that, the surge occurred when May non-farm payrolls grew a far-less-than-forecast 69,000 plus gains in back months were revised lower.
“On the back of this, the prospects for further easing from the Fed are now reignited. That is certainly the type of news that gold needed for renewed buying interest,” Meger added.
Buy stops are pre-placed orders triggered when certain chart points are hit.
These were triggered around the $1,570 area, $1,582-83 area and around both psychological and technical resistance near $1,600, Meger concluded.
Gold price is still not stabilized in India like everywhere else. After going down, the g
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