Spot gold looks for direction since Friday’s volatile session – U.S. jobs numbers (Non-Farm Payrolls) eyed

November 30, 2021 - 2 months ago
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The precious yellow metal struggled for direction on Tuesday as market participants regained their footing following the whipsaw prices action on Friday over concerns about the spread of the newly-discovered Omicron COVID-19 variant.

Elsewhere, Moderna shares jumped +12%, adding to their gains after the stock surged more than +20% on Friday.

The biotech company has said it is working to rapidly advance an Omicron-specific booster candidate.

Looking ahead, it is expected ‘much volatile price action’ could be seen as eyes turn to the release of the U.S. jobs report (Non-Farm Payrolls report) for November.

Based on the technical aspect, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator remains negative/mixed, while the Moving Average Convergence Divergence (MACD) supports a bearish bias.

The bearish risks may continue since the recent whip-saw price action, and the negative signals expose the area of $1,757-64.

Reassess from there as a potential rebound may arise.

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