Gold Daily Analysis : April 5, 2021

Gold Daily Analysis 05 April 2021 will discuss the movement of Gold in Thursday trading last week, the movement of Gold is still moving above the level of the 1730s, the increase in Gold is driven by the decline in US government bond yields for the long term and the weakening of the US Dollar. On Friday, April 2, 2021, the gold market is a holiday commemorating Good Friday. In trading on Monday, April 5, 2021 earlier this week, it is expected that Gold's movement will decrease, due to the good release of American NFP data. The Dollar Index, which is a measure of the Greenback against several other major currencies, fell from its high of 93 for the past few days. The yield on 10-year US government bonds also declined to 1.68%, below a weekly high of 1.77%. Flashback of the movement of Gold, where it had moved up and created an all-time high in mid-2020. The highest level was US$2075/troy ounce in August. The surge in gold prices was supported by signals of market concern regarding rising inflation, as a result of the launch of a very large amount of fiscal stimulus. This amount, which was initially US $3 trillion, was used to overcome US economic conditions due to the Covid-19 virus pandemic. All countries in the world have been racing in the development of the Corona vaccine since November last year, and the impact will be optimistic about economic recovery, so that the movement of Gold in trade at the end of 2020 is below the level of US$ 1,700/troy ounce. Since the beginning of 2021, it has decreased, even though the US government under the command of Joe Biden has succeeded in disbursing a fiscal stimulus package of COVID-19 relief funds amounting to US$1.9 trillion. White House officials also issued stimulus funds on Wednesday, the plan is that the funds will be used for infrastructure development separate from the stimulus that has previously been approved by the committee, the amount of the fund is about US$2 trillion. The greenback had weakened despite the release of positive US economic data. In the release of NFP data last Friday, the number of jobs prepared by the US government was released at 916k, above the forecast and the previous period of only 652K and 468k. In addition, the monthly unemployment rate data also decreased to 6.0% in accordance with the prediction but below last month's data which was released at 6.2%. However, after the release of the NFP data, the US Dollar moved slowly due to the lack of market response due to the Easter holidays.

Gold Daily Analysis Prediction

Today's prediction for the EMAS pair, is expected to continue its decline, and the recommended OP (Open Position) is SELL at the level of 1720.00, with a Target Profit (TP) of 5-10 points and a Stop Loss of 3-5 points.