The price of gold recovers part of the early land; Lower a bit in the middle of a modest rebound of the USD

• The price of gold begins the new week with a softer tone amid the appearance of some purchases around USD.
• The increase in bets due to a Fed feat cut in September limits the USD and helps limit the losses of the commodity.
• Geopolitical risks and a weaker risk tone lend even more support to the precious metal of safe refuge.

The price of gold (Xau/USD) finds some support near the 3,345 $ zone and stops its intradication of retreat from a maximum of a week previously reached this Monday. The weakest labor data on Friday reaffirmed the bets that the Federal Reserve (Fed) will resume its cycle of feat cuts in September. This maintains a limit in a modest rebound of the US dollar (USD) after the fall after NFP on Friday and turns out to be a key factor that acts as a tail wind for yellow metal without yield.

Apart from this, a generally weaker tone around stock markets further benefits the price of safe refuge gold and helps limit the fall. However, a good rebound in the yields of the US Treasury bonds continues to support a slightly positive USD and could act as a wind against for the commodity. Therefore, it will be prudent to wait for a strong purchase of continuation before positioning itself for an extension of a solid rebound from a minimum of a month reached last Wednesday.

What moves the market today: gold price bundles seem reluctant while the yields of US bonds in rebounds support USD

• Employment data in the US weakest than expected published on Friday increased the expectations of an interest rate cut by the Federal Reserve in September. This, together with new tariff ads, pushed the price of gold to a maximum of a week.
• The US non -agricultural payroll report showed that the economy added 73,000 new jobs in July, compared to the 110,000 expected. In addition, May and June readings were reviewed down, aiming at more signs of a cooling in the US labor market.
• Other details of the report showed that the unemployment rate rose to 4.2% from 4.1% in June, while the labor force participation rate fell to 62.2% from 62.3%. Finally, average hour per hour increased to 3.9% from 3.8%.
• Meanwhile, the US president, Donald Trump, ordered the dismissal of the head of the Office of Labor Statistics hours after the discouraging employment details. In addition, the governor of the Fed, Adriana Kugler, resigned from her position at the Central Bank Board.
• This occurs in the midst of implacable political pressure on the Fed to reduce the costs of indebtedness and revive fears about the independence of the Central Bank. This could limit any significant recovery of the US dollar and benefit the yellow metal that does not yield.
• Trump ordered the deployment of two nuclear submarines near Russia in response to provocative comments of former Russian president Dmitry Medvedev, who said that every new Trump ultimatum would be seen as a threat and a step towards war.
• This increases the risk of a greater escalation of geopolitical tensions in the middle of the prolonged war between Russia and Ukraine. This could be to be another factor that provides some support to the safety refuge raw material and help limit any additional depreciation.
• The operators now expect the publication of the data of orders for lasting goods from the US, which, together with the expectations of feat cuts of the Fed, will boost the demand of the USD. Apart from this, the broader risk feeling should provide some impulse to the XAU/USD torque.

The constructive configuration of the price of gold favors bullish traders; The SMA of 100 in H4 has the key

From a technical perspective, Friday’s break through the horizontal barrier of $ 3,335 and subsequent fortress beyond the simple mobile average (SMA) of 100 periods in the 4 -hour graph favors the bulls of the Xau/USD. In addition, the oscillators in this graphic have been gaining positive traction and support the possibility that some purchases at lower levels around the raw material arise. Therefore, it will be prudent to expect a strong sales tracking before confirming that the positive movement observed in the last two days has been exhausted before positioning itself for deeper losses.

Meanwhile, the weakness below the SMA of 100 periods in the 4-hour graph, currently located near the area of 3,340-3.338 $, could attract new buyers near the region of 3,322-3.320 $. This, in turn, should help limit the fall in the price of gold near the 3,300 $ brand. The latter should act as a pivotal point, which, if it breaks, could change the trend in favor of the bassists of the Xau/USD.

On the contrary, an impulse beyond the peak of the Asian session, around the region of 3,369-370 $, will reaffirm the positive trend and allow the price of gold to recover the round figure of $ 3,400. The impulse could extend even more towards the next relevant obstacle around the area of 3,434-3.435 $, above which the Xau/USD could aspire to challenge the historical maximum, around the psychological brand of 3,500 $ reached in April.