All eyes on ADP, NFP as gold inches upwards.
“Gold price rose to its highest level in three weeks, buoyed by slacking dollar-bulls and downbeat data.”
Greenback suffered a major loss for the week as recent economic data shows signs of diminishing labor market. Nonetheless, Fed officials came in to quell the market after Mary Daly commented that “there is still a lot of room to slow the labor market before entering into severe recessionary conditions”. For the time being, investors will place their attention upon ADP report and Nonfarm Payrolls to gauge next potential move.
Quick recap on XAUUSD
Overall, XAUUSD remains pressured by selling pressure, apparent from current trendline.
XAUUSD Weekly Technical Analysis
From weekly perspective, XAUUSD has recovered substantially after hitting the threshold at 1634.
XAUUSD Daily Technical Analysis
However, XAUUSD begin to show signs of bearish recapturing the commodity’s momentum in daily perspective.
ORDER: SELL STOP
STOP LOSS: 1710
Target 1: 1650
Target 2: 1630
ZFX Analyst’s Comment
While price action looks promising when referring to the weekly chart, recent move in both daily and H4 perspective may indicate otherwise.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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