TRENDING:

US NFP

GBP/USD

Chart of the Week: Gold is moulding a bullish close for the month

Gold is attempting a bullish recovery that could lead to fresh daily highs.
The longer-term outlook is bullish as the month is set to print a bullish close.

Ross J Burland FXStreet

The last week of the month and the start of a new quarter could print a bullish prospect on the monthly chart, as illustrated below. The month is set to close with a bullish candle and long wick that represents a phase of accumulation on the lower time frames.

Gold, monthly chart

The price has surged from a 61.8% Fibonacci retracement area but has pulled back in the middle of the month in what could be regarded as a ''healthy correction'':

Gold, weekly chart

The pullback has been strong but so too has been the support that leaves prospects for a bullish structure for the weeks ahead.

Gold, daily chart

The bulls will need to break the $2,000 mark and in doing so, will likely leave behind a bullish structure of support from which the price can lean against on its way to fresh highs for the foreseeable future.

Gold, H1 chart

From a short term perspective, and for the open this week, it appears that the price wants to break the resistance and head higher.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD climbs toward 1.1800 as US employment data weighs on USD

EUR/USD gains traction and rises toward 1.1800 in the second half of the day on Tuesday. The US Dollar weakens and helps the pair stretch higher after the employment report showed that Nonfarm Payrolls declined by 105,000 in October before rising by 64,000 in November.

GBP/USD clings to gains above 1.3400

GBP/USD stays in positive territory above 1.3400 on Tuesday. The British Pound benefits from upbeat PMI data, while the US Dollar struggles to find demand following the mixed employment figures, allowing the pair to hold its ground.

Gold recovers to $4,300 area as markets assess US jobs data

Gold reverses its direction and recovers to the $4,300 area after spending the first half of the day under bearish pressure. The renewed US Dollar weakness after the jobs report showed that the Unemployment Rate climbed to 4.6% in November helps XAU/USD erase its losses.

US Nonfarm Payrolls expected to point to cooling labor market in November

The United States Bureau of Labor Statistics will release the delayed Nonfarm Payrolls (NFP) data for October and November on Tuesday at 13:30 GMT. Economists expect Nonfarm Payrolls to rise by 40,000 in November. The Unemployment Rate is likely to remain unchanged at 4.4% during the same period.

Ukraine-Russia in the spotlight once again

Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.