- Gold loses strength as the dollar rises prior to the US employment report.
- XAU / USD slows down after hitting a week high at $ 1800.
The Gold is trading around $ 1793, in the same area where it closed on Thursday. The graph shows that for the moment the raises have lost steam. The value of the ounce reached in European hours up to $ 1800, maximum in a week, before changing direction and falling to $ 1792.
In the pre-publication of the US employment report. the dollar is picking up pace on all fronts, putting weight on the XAU / USD. The dollar index (DXY) rises 0.21% and operates at 94.53, just below the maximum this year. At the same time, Treasury bond yields do not show significant changes and operate in recent lows.
After the meeting of the Federal Reserve Wednesday, the market is looking forward to the US employment report to be released at 12:30 GMT. An increase in non-farm payrolls is expected of 425,000 and that the unemployment rate goes from 4.8% to 4.7%. The report could generate big movements in the market.
Technical overview
Gold enters the employment report with a strong rebound that began on Wednesday from levels below $ 1760. For now it has been stopped for $ 1800. Sustaining above $ 1795 would be a positive factor that would anticipate a return above $ 1800. The next resistances are at $ 1810 and $ 1820. In the opposite direction, a fall below $ 1790 would trigger a downward correction. The next supports are seen at $ 1782 and $ 1770.
A weekly close of the XAU / USD above $ 1,810 would signal more gains in the near term, while clearly below $ 1,770 would suggest more weakness ahead.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
