Gold Price News and Forecast: XAU/USD selling off after nonfarm payrolls’ positive surprise [Video]
|Gold: The bulls are no longer in control [Video]
Following the breakdown of the 8 week uptrend and the support at $1693 we turned neutral on gold. Noting that the bulls are no longer in control, we see that upside traction is difficult to sustain and in the past couple of weeks the negative candles are more of a dominant force on the daily chart. Momentum indicators sliding back are a reflection of this. The RSI went below 50 for the first time since March this week, whilst MACD lines continue to fall and Stochastics are also their lowest since March. We have recently been talking about the $1722 old May pivot being a gauge for the market, and it was interesting to see yesterday’s rebound faltering at $1721 (the hourly chart shows a band of resistance now $1720/$1725). We believe that the price action of the last two weeks suggests that gold has developed into a trading range now, of around $100 between $1660/$1764. Read more...
Gold selling off after nonfarm payrolls’ positive surprise
The gold futures contract gained 1.33% on Thursday, as it retraced most of its Wednesday's decline of 1.7%. On Monday the price has reached slightly above $1,760 and Wednesday's daily low fell at $1,690.30. Gold is still trading within a medium-term consolidation, as we can see on the daily chart:
Gold is trading 1.8% lower this morning following better-than-expected U.S. economic data releases. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals? Silver gained 0.57% on Thursday and today it is 2.3% lower. Platinum gained 0.5% and today is 2.7% lower. Palladium lost 1.81% and today it is 0.6% lower. So precious metals resume their short-term downtrend today. Read more...
Gold Price Analysis: Dives to fresh 1-month lows on stellar NFP report
Gold witnessed some aggressive selling during the early North American session and dived to fresh one-month lows, below $1685 level post-US jobs report.
The headline NFP report showed that the US economy unexpectedly added over 2.50 million jobs in May as compared to a loss of 8 million jobs anticipated. Adding to this, the unemployment rate edged lower to 13.3% during the reported month from 14.7% previous, beating consensus estimates of a rise to 19.8% by a big margin. Read more...
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