XAU/USD – Today’s gold price
|XAU/USD, H4
Yesterday (June 2) the gold price fluctuated during the US economic data announcement. The non-farm payroll employment in the United States came out better than expected at 4,800K from the forecast of 3,000K, as well as the unemployment rate which came in at 11.1% from the forecast number 12.3%. However, the number of unemployed was higher than predicted and the hourly income came out lower than expected. Overall, the economic numbers still confirm that the economic recovery continues. The stock market has rebounded strongly this week and the 10-year US Treasury yield had its best week in four, closing at 0.669.
Although the overall economic recovery may have reduced the safe haven demand for Gold however, the background remains one of a risk of the coronavirus outbreak extending, and supportive of Gold prices.
For today, H1 sees the price rising to the high zone of last week around 1779 before narrowing down to swing narrowly above the EMA 50 line, which, if broken down, will find the next support at 1759, in line with MACD. That would move the signal line down, however, if the price rises, there will be the first resistance at the previous high of 1779 and the next resistance at this week’s high at 1789.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.