Gold Price News and Forecast: Gold Modestly changed to $1475 as markets turn cautious ahead of US NFP
|Gold Technical Analysis: Below 200-bar SMA inside monthly rising trend-channel
Gold prices again step back from 200-bar Simple Moving Average (SMA) while declining to $1,475.60 ahead of Friday’s European session. The yellow metal also follows a one-month-old rising channel formation.
With this, the quote is likely to retest 38.2% Fibonacci retracement of November month drop, at $1,472.30 whereas late-November high around $1,466.60 and the channel’s support close to $1,456.30 could question sellers next.
Gold: Modestly changed to $1475 as markets turn cautious ahead of US NFP
Gold fails to extend the previous day’s recovery while trading near $1475/76 amid Friday’s Asian session. That said, the yellow metal registers failures to close beyond 50-day Exponential Moving Average (EMA) for the third consecutive day. However, traders turn cautious ahead of the key catalysts and prefer waiting over taking trades off-late.
Despite the United States (US) President Donald Trump’s repeated attempts to appease market players about the phase-one details, investors seem to lose interest in the headlines from the Trump administration. The reason could be found in recently contrasting statements, reducing odds of any deal and showing hardships in negotiations, from global media and China.
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