Market News & Analysis

Top Story

Gold Intraday: The Day After NFP

Last Friday, the U.S. nonfarm payrolls showed that the economy shed 20.50 million jobs in April and jobless rate jumped to 14.7%, though these figures were better than dismal expectations. Spot gold was down 0.8%, while the three major U.S. indices rallied nearly 2.0%.

Nevertheless, investors and policy makers are still cautious that whether the worst is yet to come. Before we see a more prolonged improvement in data, gold price is likely to be supported by high level of uncertainty and loose monetary policy.

From a technical point of view, spot gold remains on the upside despite a modest pull-back as shown on the 1-hour chart. It has rebounded after retreating to a previously broken bearish trend line, which may now act as a support. Bullish investors might consider $1,697 as the nearest intraday support, with gold likely to test its resistance at $1,723 and $1,735 in extension. In an alternative scenario, losing $1,697 would suggest that gold may retreat further to the next support at $1,685.

Source: TradingView, Gain Capital


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.

Important Notice:

Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.