As gold faces a slight pullback, important data this week is a factor that could affect the yellow metal. The US non-farm payrolls data, which will be released this week, is seen as one of the most important data of the week.
What are the gold prospects this week?
Investors’ calendar this week has US labor market data due Friday. Manufacturing and services PMI data from the US will also arrive on Friday. So how does this affect the precious metal and its biggest cryptocurrency, Bitcoin? Murat Özsoy, Founding Partner of We Financial Consulting, conveyed his expectations. When Özsoy says, “I expect the data to come in strong,” he thinks that this may strengthen the US dollar index a little more than it did at the beginning of the week, adding:
I don’t think there will be any data that would require risk aversion this week. For these reasons, I do not expect a serious rise on the ounce gold side for this week. In the downward movements, a downtrend will not start unless it is below $ 1857.
Looking at gram gold, the expert is on the way to approaching 1,000 liras, with the predictions that the rise in the exchange rate will continue. However, he states that it will be early this week to see these levels. Özsoy said, “I think gram gold will move in the band of 960TL-985TL this week. If there is a possible above-expected pullback under ounce this week, and if levels below 960 TL are caught under grams, new earnings opportunities may arise until the next Fed meeting,” he said.
Eda Karadağ: We can see movement on Friday
Another expert who drew attention to the non-farm employment data in the USA was Investment Advisor Eda Karadağ. Montenegro points out that, depending on the data, a data-based movement can be seen on Friday after the figures to be announced at 15.30. The expert says that $1,830 and $1,800 are seen as support levels and $1,880 as resistance levels in the price of an ounce of gold. It is known that Bitcoin is generally affected by the direction of the data in the USA.
