The shockingly disappointing US Nonfarm Payroll numbers last Friday firmly sent gold trading above $1800/oz for the second straight session. The next target on the upside aligns at $1,850, economists at OCBC Bank appraise.
“The $1800 handle now appears to be the new support level for gold and we expect buying interest for gold in the short term on the back of the poor labour market report from the US.”
“Such is the shock from the NFP report that we think gold may find buying demand in the short term as investors raise their demand for a hedge to the underlying risk-on momentum.”
“Resistance expected at $1850/oz, which is the 200-DMA.”
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