Home Markets Gold Price Forecast: XAUUSD Slumps After Jobs Report Towards $1760

Gold Price Forecast: XAUUSD Slumps After Jobs Report Towards $1760

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Gold Price Forecast: XAUUSD Slumps After Jobs Report Towards 60
  • Dollar soars after US non-farm payrolls.
  • Metals suffer sharp decline, extending the pullback from highs in weeks.
  • Downside pressure persists and Treasury bond yields rise.

Gold lost $25 after the publication of the US employment report. XAUUSD fell to $1764 and then bounced back modestly. It is trading around $1774.

The US jobs report numbers for July beat expectations. Non-farm payrolls rose by 528,000 against the 250,000 market consensus, and June data was revised upwards. The unemployment rate fell to 3.5%.

The data generated a sharp drop in Treasury bonds. The 10-year rate went from 2.70% to 2.80%, and the 30-year rate from 2.98% to 3.05%. At the same time, US stocks turned negative.

After the formal opening of Wall Street, the main indices trimmed losses, although bond yields continued to rise, which continues to put pressure on gold.

The XAUUSD found support for the time being at the $1,765 zone. Below, attention will turn to the $1,755 level, which, if given way, would hurt the bullish outlook for the yellow metal. To the upside, at $1780 some resistance would be expected. Further above the key level is $1790 and a confirmation above it would pave the way for a return above $1800.

Technical levels

XAU/USD

Panorama
Last Price Today 1769.2
Today’s Daily Change -22.00
Today’s Daily Change % -1.23
Today’s Daily Opening 1791.2
Trends
20 Daily SMA 1735.14
50 Daily SMA 1790.53
100 Daily SMA 1846.51
200 Daily SMA 1842.01
levels
Previous Daily High 1794.97
Previous Daily Minimum 1763.3
Previous Maximum Weekly 1768.04
Previous Weekly Minimum 1711.55
Monthly Prior Maximum 1814.37
Previous Monthly Minimum 1680.91
Daily Fibonacci 38.2% 1782.87
Daily Fibonacci 61.8% 1775.4
Daily Pivot Point S1 1771.34
Daily Pivot Point S2 1751.49
Daily Pivot Point S3 1739.67
Daily Pivot Point R1 1803.01
Daily Pivot Point R2 1814.83
Daily Pivot Point R3 1834.68

Source: Fx Street

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