Gold Price Forecast: XAUUSD Validates Major Gains Eyeing Employment Report

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  • The dollar falls in the previous employment report.
  • Equity and commodity markets on the rise.
  • Gold is up more than $20 so far today, the best performance in weeks.

The Prayed continues the rebound that started in the American session on Thursday and is in the area of ​​$1650 in two-day highs, before the US employment report. So far this day he’s up more than $20, the best day in three weeks.

The advance of the yellow metal occurs before a weak dollar, in combination with a better mood in global markets. The expectation that China would relax the zero COVID policy. Stability in Treasury yields at recent highs is not preventing gold from advancing.

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For hours, several currency pairs and metals have been moving sideways, validating daily gains, waiting for the US employment report Non-farm payrolls are expected to increase by 200,000 and the unemployment rate is expected to go from 3.5% to 3.6%. The data will have a high impact on the markets.

Again support at the $1615 area

Gold’s rally is proving to be significant on Friday and comes as it extends a bounce from critical support in the $1615/20 area, which contained the lows in September, October and now November. The price is back at the 20-day moving average.

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The rises could extend to the $1,680 zone if it manages to validate above $1,650. In the opposite direction, below $1630, bearish pressures could return. Break below $1610 could lead to an acceleration to the downsideputting $1,600 at risk.

Technical levels


Today last price 0.9792
Today Daily Change 0.0043
Today Daily Change % 0.44
Today daily open 0.9749
Daily SMA20 0.9833
Daily SMA50 0.9879
Daily SMA100 1.0058
Daily SMA200 1.0476
Previous Daily High 0.984
Previous Daily Low 0.973
Previous Weekly High 1.0094
Previous Weekly Low 0.9807
Previous Monthly High 1.0094
Previous Monthly Low 0.9632
Daily Fibonacci 38.2% 0.9772
Daily Fibonacci 61.8% 0.9798
Daily Pivot Point S1 0.9706
Daily Pivot Point S2 0.9663
Daily Pivot Point S3 0.9596
Daily Pivot Point R1 0.9816
Daily Pivot Point R2 0.9882
Daily Pivot Point R3 0.9925

Source: Fx Street

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