Gold Price News and Forecast: XAU/USD weakened after NFP but then rebounded as equity prices trimmed gains
|Gold Price Analysis: XAU/USD strengthens and rebounds from weekly lows toward $1780
Gold is trading at daily highs, near $1780 after rising $20 from the daily low. The metal dropped to $1757 after the release of the US employment report and then bounced sharply to the upside. The strength in gold improved over the last hour as it held near the top, even as equity prices recover from the last spike lower.
Jobs data from the US came in much better-than-expected, triggering a rally in Wall Street. The numbers showed an acceleration in the recovery although analysts warn that over the next months, June’s performance won’t be easy to repeat.
Gold: The bulls have been dragged back once more [Video]
Just when it looked as though gold was starting to build some positive traction, the bulls have been dragged back once more. This tendency has been a feature of this bull run on gold. Breakouts never seem to be clean. A bearish outside day session yesterday comes as a disappointment for long positions, but is not disastrous, yet. A pullback to the support of what is now a four week uptrend (today at $1764, which is also the breakout of the old May high) has the potential to be an opportunity. However, the bulls will need to fight for it.
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