FXstreet.com (Barcelona) - This week has been hard on Gold that has been tumbling down after having reached 1671.40 high, just above the 100-day moving average. Yesterday, the commodity had printed its low at 1630.95, and during today’s European morning, Gold is already below that line.
Very concerning economic data in the Eurozone and in each member state, as well as good US jobs reports yesterday ahead of today’s NFP figures, are strengthening the greenback and weakening Gold.
“Yesterday's biggest one-day price drop in a month has had us shift our short term view to bearish and we still suggest gold shorts to hold on to position with trailing stop losses to target levels of sub-$1620s”, wrote Compass Global Markets analyst Keagan York.
