Gold Shines Near 6-Year Highs As Bullish Run Continues

New York (July 6)  Gold is holding near 6-year highs amid Friday’s non-farm payrolls (NFP) data. The yellow metal looks set to record another week of bullish gains after smashing through previous resistance at $1,360.

Prices have not rallied this hard since 2011 when investors were piling into commodities on the back of an epic decade-long bull run.

Traders are eagerly awaiting post-Independence Day data in the hopes of adding a 7th week of positive price action to the tally. Friday’s NFP numbers are expected to show a rise of 160 000 jobs in June, up from 75 000 in May.

Spot is relatively flat this week, after climbing 0.35% to $1,414.15 in London by 11:25 am on July 5th. Prices rose as high $1,439 on June 25th before traders took profits. Trading will be thin this Friday as market participants take the day off to extend the celebrations.

CCNews