Gold price moved rather significant yesterday U.S. open, given worse-than-expected unemployment claims, pushing its price up to peak at 1952.88, highest since September. As election walks closer to result, market remained inconsiderate at present, major volatility will come from economic data whether figures provide hints to the global economic recovery, mainly the U.S.

On the technical side, price struggled to surpass the solid resistance level at 1955.79 and showing signs of a knackered bull. Not to mention the cup and handle was formed resulted in a price rise. However, bears are not confirmed until price firmly breaks and settles below 1938.31 plus having that level to act as a resistance. Possible that this mini break of bull becomes a retracement. Special attention is suggested to pay on this evening’s Non-farm Payroll figure which market is expected to bring huge volatility.

As of current situation, traders could strife for potential short-term profit to enter short at 1945.5 to aim for target at 1938, with stop-loss at 1955.79.

Analysed by: Mr. Ronald Wu,Independent Analyst