The price of GOLD remains within the overall longer time frame range. The recent USD weakness helped price trade higher, what are the key levels to watch ahead of NFP?
Watch the video to learn more…
The price of Gold is trading back within the higher time frame monthly range. The USD weakening has helped the price trade higher again. If the USD remains weak we could see the price trade even higher, if the USD strengthens we could see price break back lower. Fundamentally the Gold price has fallen due to the aggressive rate hikes by the Federal Reserve. Coming up we have the latest Non-Farm Payroll data which could highlight the supply and demand becoming more balanced in the labor market. If we do however see strong numbers it is likely that the price will break through the lows and out of the range. If the jobs number comes in as expected the USD would remain weak seeing Gold prices move higher.
Looking at the chart we can see that recently the price has traded through the 4hr highs at $1680.00. This bullish move saw the price trade to the recently formed highs at $1730.00. A break above this level will see the price trade to $1760.00 and above. If the price finds resistance here we could see the price trade back down to the highs at $1680.00.
Did you see our EURUSD Analysis? You can see it here.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.