Gold sellers must break $1,895 to show dominance on NFP day
With a clear U-turn from the 100-EMA, Gold price again hits the key support around $1,895 comprising the 200-EMA and an upward-sloping trend line from late November 2022. That said, bearish MACD signals and downbeat RSI join the market’s risk-off mood to offer extra incentives for the XAUUSD bears. With this, the Gold sellers are more likely to take out the $1,895 support, which in turn could direct the prices toward the early March swing high of around $1,858. However, the 50% Fibonacci retracement of November 2022 to May 2023 upside, near $1,845, will precede the yearly low marked in February around $1,805 and the $1,800 round figure to limit the metal’s further downside.
On the contrary, a successful daily closing beyond the 100-EMA level of around $1,935 needs support from the downbeat US jobs report to recall the Gold buyers. In that case, February’s peak of around $1,960 and the previous monthly high surrounding $1,983 could check the XAUUSD bulls before allowing them to visit the $2,000 psychological magnet. It’s worth noting that the bullion remains on the front foot once it closes beyond the $2,000 mark, which in turn helps it challenge the tops marked in April and the multi-year high registered in May, respectively near $2,050 and $2,070.
Overall, the Gold price is all set to break the key support and recall the bears but the short positions should be taken with care ahead of the Nonfarm Payrolls (NFP).
On the contrary, a successful daily closing beyond the 100-EMA level of around $1,935 needs support from the downbeat US jobs report to recall the Gold buyers. In that case, February’s peak of around $1,960 and the previous monthly high surrounding $1,983 could check the XAUUSD bulls before allowing them to visit the $2,000 psychological magnet. It’s worth noting that the bullion remains on the front foot once it closes beyond the $2,000 mark, which in turn helps it challenge the tops marked in April and the multi-year high registered in May, respectively near $2,050 and $2,070.
Overall, the Gold price is all set to break the key support and recall the bears but the short positions should be taken with care ahead of the Nonfarm Payrolls (NFP).