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Day 4: our spot gold trade

Having broken the recent uptrend last week at $1400, we previously flagged a potential downside move on Monday.

As things stand gold looks supported on moves to $1384, having found good buying activity at this level over the last couple of days.

A break through this demand should take gold down to $1373 and subsequently to our medium-term target. The failure to really gain upside traction yesterday despite the Senate panel authorising a limited military strike is of interest to us, and it seems that the gold traders are holding back from initiating fresh longs given the improvement in global data. In US trade today we get the ADP private payrolls report and weekly jobless claims and both metrics will be seen as pre-cursors to Friday’s non-farm payrolls.

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