Spot gold struggles to find its bullish charm since plummeting 60 dollars

January 8, 2021 - 2 weeks ago
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Since Wednesday session 60 dollars sharp decline, the precious yellow metal has struggled to recapture its bullish charm.

On the data front, the number of Americans filing for jobless benefits unexpectedly dipped last week, while staying elevated, a Labor Department report showed, with the job market recovery appearing to stall as the Covid-19 pandemic threatens to overwhelm the country.

Initial jobless claims came in at 787,000 for the week ending Dec. 31, the Labor Department said, while the forecast was expected a print of 815,000.

Looking ahead, market participants will be focused on the December Non-Farm Payroll is expected to show that the country added just 60K new positions in the month, although the unemployment rate is foreseen steady at 6.8%.

Average hourly earnings are expected to have grown by a modest 0.2% MoM.

From the fall, now posts a bearish outside range day, which is expected to see another round of weakness.

A decisive break of the trend line $1,890-96 would reopen the $1,840-60 region.

However, the rebound should be noted as the bulls are still likely to defend the trendline.

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