News

Gold price analysis: XAU/USD extends post-NFP drop, trades near $1460/oz

  • Gold is down sharply this Friday as the US added more jobs than anticipated in November.
  • Support is seen in the 1455/50 price zone. 
 

Gold daily chart

  
Gold is having a sharp intraday move down below the 50 and 100-day simple moving averages (SMAs) as the Nonfarm Payrolls (NFP) came in much better than anticipated with 266k vs. 180k expected.
 

Gold four-hour chart 

 
The bears have taken control with the metal trading below its main SMAs. As the market is declining, the sellers will try to extend the current move down towards the 1455/50 zone on the way down. Resistance is seen at the 1465 and 1472 price levels. 
  

Additional key levels

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.