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XAU/USD: the price rose more than 18% _04/03/2016

Technical analysis and trading recommendations - https://fxpcm.com/fx/xau-usd-price-rose-more-18-04032016

Since the beginning of this week, there is the growth of quotations of gold. At the end of trading on the COMEX April gold futures rose 1.3% to 1258.20 dollars per ounce.

The price of gold has updated the highs in 2016, reaching 1270.00 dollars per ounce. Since the beginning of the year prices rose by more than 18%.
Gold rose in price, despite the receipt of positive US economic data last Friday.

However, yesterday came the negative portion of the United States and received additional gold upward momentum. index of business activity in the services PMI from Markit Economics fell below the value of 50 (49.7 vs. 49.8). Reduced indexes can also talk about the weakening of consumer spending, which accounts for about 2/3 of US GDP.

Today, gold has continued to rise in anticipation of the publication of data NFP.

Attention traders focused on news from the US, when the 13:30 (GMT) will be published official data on the number of new jobs created is USDA (Non-Farm PayRolls), which are a key indicator of the health of the US economy.

NFP data is higher than forecast (190 000 new jobs), more than 10-15% will increase the probability of a rate hike at the Fed's March meeting.

This will strengthen investor demand for riskier assets, as confidence in the good condition of the US economy will get stronger. This could push gold prices down, because the cost of borrowing for the purchase and storage of gold will rise, and the investment attractiveness of the US dollar will rise.

Friday, 04 Mar, 2016 / 1:07

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Source : http://fxpcm.com/fx/xau-usd-price-rose-more-18-04032016

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