The price of gold, represented as XAUUSD at 1,914.98, has experienced a slow and gradual increase, coming close to reaching the $1,915.00 mark, just before the release of the US Non-Farm Payrolls (NFP) data.
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- Gold price has moved higher at a snail’s pace to near $1,915.00 ahead of US NFP data.
The pair currently trades last at 1914.98.
The previous day high was 1927.69 while the previous day low was 1902.77. The daily 38.2% Fib levels comes at 1912.29, expected to provide support. Similarly, the daily 61.8% fib level is at 1918.17, expected to provide resistance.
Gold price (XAU/USD) is demonstrating a dull performance after a wild spike-triggered post the release of the United States Automatic Data Processing (ADP) Employment report. The precious metal has walked briskly to near $1,915.00 and is expected to remain sideways ahead of the US Nonfarm Payrolls (NFP) data.
S&P500 futures are consistently extending losses as investors are anxious ahead of the labor market data and upcoming corporate earnings season. The US Dollar Index (DXY) is displaying a subdued performance. The upside for the USD index is restricted near 103.20 for now but bulls can make a comeback if NFP data turns out resilient.
Following a subdued lead from the USD Index, US Treasury yields are also sideways. The yields offered on 10-year US Treasury bonds are hovering around 4.04%.
Meanwhile, all eyes are set on the US NFP data. Analysts at Citi expect after a surprisingly strong 339K increase in nonfarm payrolls in May, we expect a slowing in employment growth in June, although a still-solid 170K jobs were added during the month. This could also be a temporarily softer month of payroll growth with upside risks again to payrolls from July through September. After the unemployment rate unexpectedly rose to 3.7% in May, we expect a decline to 3.6% in June with downside risks.
Gold price is auctioning in an inventory adjustment stage in which inventory is exchanged among institutional investors and retail participants on a four-hour scale. It would be early calling the adjustment process as an ‘accumulation’ or a ‘distribution’ until a decisive move.
The downward-sloping trendline from May 03 high at $2,079.76 and the 100-period Exponential Moving Average (EMA) at $1,926.65 will continue to act as a major barricade for the Gold bulls.
Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range, awaiting a potential trigger.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1915.25 at the time of writing. Pair opened at 1910.83 and is trading with a change of 0.23 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1915.25 |
| 1 | Today Daily Change | 4.42 |
| 2 | Today Daily Change % | 0.23 |
| 3 | Today daily open | 1910.83 |
The pair is trading below its 20 Daily moving average @ 1931.02, below its 50 Daily moving average @ 1963.29 , below its 100 Daily moving average @ 1947.11 and above its 200 Daily moving average @ 1865.01
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1931.02 |
| 1 | Daily SMA50 | 1963.29 |
| 2 | Daily SMA100 | 1947.11 |
| 3 | Daily SMA200 | 1865.01 |
The previous day high was 1927.69 while the previous day low was 1902.77. The daily 38.2% Fib levels comes at 1912.29, expected to provide support. Similarly, the daily 61.8% fib level is at 1918.17, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1899.84, 1888.84, 1874.92
- Pivot resistance is noted at 1924.76, 1938.68, 1949.68
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1927.69 |
| Previous Daily Low | 1902.77 |
| Previous Weekly High | 1933.39 |
| Previous Weekly Low | 1893.01 |
| Previous Monthly High | 1983.50 |
| Previous Monthly Low | 1893.01 |
| Daily Fibonacci 38.2% | 1912.29 |
| Daily Fibonacci 61.8% | 1918.17 |
| Daily Pivot Point S1 | 1899.84 |
| Daily Pivot Point S2 | 1888.84 |
| Daily Pivot Point S3 | 1874.92 |
| Daily Pivot Point R1 | 1924.76 |
| Daily Pivot Point R2 | 1938.68 |
| Daily Pivot Point R3 | 1949.68 |
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