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The price of GOLD has fallen back within a consolidation pattern, could this signal further downside ahead of NFP?
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GOLD Analysis
Gold prices have fallen recently due to the strength of the US dollar. This can be attributed to the release of the ADP Non-Farm Payroll employment change figures, which came in above expectations at 235k, compared to the forecasted 152k.
Looking ahead, the upcoming Non-Farm Payroll numbers are expected to come in lower than the previous release. This may have an impact on the strength of the US dollar and, in turn, the price of gold. However, it’s important to remember that the price of gold is influenced by a variety of factors, so it’s not always possible to predict its movements with certainty.
In terms of technical analysis, the price of gold is currently showing as a failed breakout of a consolidation pattern. This means that the price of gold was unable to break above a certain level and has now fallen back into the range it was previously consolidating in.
It’s important to note that the price of gold is influenced by a variety of factors, including macroeconomic conditions, global political events, and investor sentiment. While the strength of the US dollar has certainly played a role in the recent decline of gold prices, it’s important to keep an eye on these other factors as well.
Overall, it’s a good idea for investors to closely monitor the price of gold and stay informed about the factors that may be influencing its movements. By doing so, they can make more informed investment decisions and potentially capitalize on opportunities as they arise.
Have you watched our Week Ahead analysis? You can see it here.
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