- Gold awaits the US employment report far from the lows.
- XAU / USD bounced after falling to a one-week low at $ 1794.
The XAU / USD is back in the $ 1800 zone on the employment report preview. The precious metal maintains a bearish intraday tone but has managed to cut losses in the last hour, before the publication of the US employment report.
At 12:30 GMT, the official US labor market figures for July, which include non-farm payrolls and the unemployment rate, will be released. It is a key piece of information that could have a wide impact on the market.
Among the price movements to highlight before such data is the rise in the yields of Treasury bonds. The 10-year rate reached weekly highs at 1.26%. This is a negative factor for gold, and if there is a change in the trend here, which could occur with a very negative employment data, the XAU / USD could be favored.
The XAU / USD bias continues to decline. Key support is at $ 1790, and a break below could trigger a downward acceleration. At $ 1805 there is now the first resistance followed by $ 1815. In a broader perspective, the level to look at is $ 1830 / $ 35: a daily close above would leave the way ready for more raises with a possible target of $ 1850.
Technical levels
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