After Omicron triggered market volatility last Friday, investors expect that the pace of the Fed's rate hike may be delayed. The U.S. will release its November nonfarm payrolls data this Friday, so let us keep an eye on employment and inflation data. If this week's payroll growth data is solid, while the labour market recovers well, the Fed is still likely to taper its bond purchases at the original pace.


Gold closed last week at $1,792, above the essential 60-period weekly EMA of $1,785. Back to the 4-hour chart, the bulls tried to test the 60 EMA $1,817 on Friday, but the price was stopped here and fell back. During today's Asian session, the support level of $1,780 blocked the shorts for the third time.

If the bulls want to push the price higher to bring Gold back to an uptrend, the initial upside limit will likely come from around $1,810-$1,811. When prices recover the $1,815 high, the next target for the bulls will be the 1826-1838 resistance section. Once the shorts succeed in getting the price below the 1$1,769-$1,780 area, the next defensive area for the bulls will be around $1,750.



EURUSD was stopped at the 60-period EMA and is currently below 1.1300. The primary support level below is 1.1270. After the price falls below 1.1270, the next target for sellers will be the 1.1230-1.1250 section. However, once the buyers are strong enough to get the price successfully overstepping the 60-period SMA, sellers may counter at the next resistance barrier at 1.1350-1.1370, which is also the location of the 100-period EMA.


This information has been prepared by Mitrade. In addition to the disclaimer below, Mitrade does not represent that the information provided here is accurate, current or complete, and therefore should not be relied upon as such. This information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Mitrade is not a financial advisor and all services are provided on an execution only basis. We advise any readers of this content to seek their own advice. Reproduction or redistribution of this information is not permitted.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD struggles to rebound, holds near 1.1150 after US data

EUR/USD trades around 1.1150 in the early American session on Friday as investors assess the latest inflation data from the US. According to the US Bureau of Economic Analysis, Core PCE Price Index rose to 4.9% on a yearly basis in December from 4.7% in November, surpassing the market expectation of 4.8%. 


GBP/USD clings to small gains above 1.3400 on mixed US data

GBP/USD posts modest daily gains slightly above 1.3400 on Friday as the dollar rally loses steam. The data from the US showed that the core PCE inflation edged higher to 4.9% in December. On a negative note, Personal Spending contracted by 0.6% on a monthly basis.


Gold recovers modestly after US data, stays below $1,800

Gold managed to stage a rebound from the multi-week low it set below $1,780 but continues to trade deep in the red near $1,790. The benchmark 10-year US Treasury bond yield is rising more than 1% on the day after US data, limiting XAU/USD's recovery.

Gold News

Bitcoin Weekly Forecast: Federal Reserve cannot tame BTC’s uptrend

Bitcoin has experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed's decision was announced. As losses have extended and BTC has entered into the $30,000 zone, concerns regarding Bitcoin being in a bear market have increased.

Read more

Apple share price set to rise after another record quarter

With the Nasdaq closing at its lowest level in seven months yesterday, the Apple share price has also found itself on the end of the recent weakness in tech shares, down over 12% from its record highs in early January.

Read more