Otmane El Rhazi from
The Bullion Desk.
- The dollar trading slightly lower following disappointing manufacturing and jobs data in the previous session.
- Primary support however is coming from physical buying in India in the lead-up to Akshaya Tritya in two weeks’ time
- Tomorrow’s non-farm payrolls will be eyed for near-term direction. While the effect of the report is often mixed, investors will seek clues as to when the US may choose to raise interest rates – with sectors such as employment and manufacturing considered key to whether an early increase is on the table.
- A positive read is likely to see gold fall down further from the $1,200 mark, but a negative read may well push prices up again and may well provide a strong end to the week.
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