Losses Seen for Both Oil and Gold Before NFP

04.09.2020 - Korneychuk Evgeniya
Losses Seen for Both Oil and Gold Before NFP

Oil is seeing signs of recovery after its mid-week tumble.

The market is is yet again faced with a struggle in its attempt to keep an upside momentum, with some news factoring in with profit taking. The growth could have gone further, however, when a number of technical levels slipped, it spiralled down from there.

Since then, WTI found support above $40. Resistance had been found around $42.

Now about Gold, th yellow metal had seen paired losses early this morning as it had met pressure throughout the week.

The safe-haven asset had not been able to break the 2,000-dollar mark due to the US PMI report released on Tuesday. Gold’s position had now bounced back to the middle of the $1,900-2,000 range just before the jobs report. This is seen as the next catalyst for Gold.

 

 

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