Don’t waste your time – keep track of how NFP affects the US dollar!

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Follow us on Facebook

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

FBS Mobile Personal Area

FREE - In Google Play

View
Trading
Analytics & Education
About Us
Connect to live chat
Gold is indecisive

Gold is indecisive

Information is not investment advice

Gold had to rise above $2 000 after the poor ADP report, but it didn’t, the current rising US dollar has stopped the yellow metal from rallying upward. Analysts widely expected that 1.25 million would have been employed in the USA, but the actual numbers turned out disappointing: 428 000. As you may know, the ADP report is often used as an initial assessment of the US labor market and helps to predict what will be the NFP like. Nevertheless, the last two times ADP reports failed to play this role as they came out worse than the forecasts, while NFP came out better.

The recent dovish Fed statement weighed on the US dollar and underpinned gold, leaving interest rates low for longer. However, later on, upbeat Manufacturing PMI reports from two world’s largest economies improved the overall sentiment and pushed the safe-haven metal to the downside. Most analysts still foresee further declining of the US dollar in the long run, despite the short recovery.

Technical tips

Looking from the technical perspective, the yellow metal has been fluctuating between two converging trend lines and have established a symmetrical triangle on the 4-hour chart.  Based on the latest solid rally, the triangle indicates the current consolidation phase and the further bullish continuation. Therefore, pay closer attention to the breakout of the triangle.

There is strong support of $1 950, located just below the current price. The yellow metal is unlikely to break it through, but at the same time, there is no strong movement to the upside at the moment. Gold bulls may find current low levels a good entry point. Traders mainly focus on three resistances: yesterday’s high of $1 990, the psychological mark of $2 000, and the key level of $2 015. However, if the price manages to break the support of $1 950, the way to the next support of $1 930 will be clear. Follow further news and catch the market movement!

XAUUSDH4.png

LOG IN

metal fundamental analysis technical analysis gold

Similar

Popular

Share with friends:

Choose your payment system

Visa
Mastercard
Maestro
Wire Transfer
Skrill
RAPID Transfer
NETELLER
Learn more

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later