XAUUSD Current price: $1,868.25

  • Softer-than-anticipated US employment figures undermined demand for the greenback.
  • US Federal Reserve Vice-Chair Brainard cooled down expectations for a pause in rate hikes.
  • XAUUSD is technically bullish and could extend gains once above $1,871.50.

Gold Price soared to its highest in nearly a month, holding near a daily top at $1,869.75 a troy ounce. The American dollar gave up ground on Thursday after rallying in the previous session, with additional pressure coming from easing government bond yields and the better tone of Wall Street.

Adding pressure on the greenback, US employment-related data released on Thursday showed the slowest pace of job creation in the private sector since the pandemic hit the world. The ADP survey posted 128K new jobs in May, well below the 300K expected. On a positive note, Initial Jobless Claims contracted to 200K in the week ended May 27.

Meanwhile, US Federal Reserve officials returned to the wires. Fed Vice-Chair Lael Brainard cooled down expectations for a pause in rate hikes, noting that inflation is still at a multi-decade high. Stocks traders have chosen to ignore those comments, at least at the time being.

Gold Price short-term technical outlook

The XAUUSD pair is poised to extend its advance, according to the daily chart. Technical indicators have picked up momentum, maintaining their upward slopes within positive levels. Even further, the bright metal accelerated higher after meeting buyers around its 20 and 200 SMAs, both near the intraday low at $1,844.01.

Technical readings in the 4-hour chart also favor a bullish extension, particularly if the pair extends its gains beyond a bearish 200 SMA, now providing dynamic resistance at around $1,871.50. Meanwhile, the Momentum indicator heads firmly higher, well above its midline, while the RSI indicator approaches overbought conditions, all of which reflect persistent buying interest.

Support levels: 1,863.20 1,852.40 1,839.30  

Resistance levels: 1,871.50 1,880.95 1,889.80  

View Live Chart for the XAUUSD

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended Content

Recommended Content

Editors’ Picks

AUD/USD losing bullish steam as concerns weigh

AUD/USD losing bullish steam as concerns weigh

Wall Street trimmed its recent gains and approaches weekly lows, reflecting persistent market fears. AUD/USD turned south and risks additional slides as China is set to unveil growth-related figures.


EUR/USD corrective advance extends towards 0.9800

EUR/USD corrective advance extends towards 0.9800

The EUR/USD pair advanced for a second consecutive day, now trading a handful of pips below the next big figure. With no real reasons to buy the EUR, the movement seems more related to profit-taking.


Gold consolidating weekly gains amid broad dollar’s weakness

Gold consolidating weekly gains amid broad dollar’s weakness

XAUUSD trades around $1,660, pressuring the weekly high. The metal fell to an intraday low of $1,641.46 but resumed its advance as investors keep moving away from the safe-haven currency. The market´s mood is far from optimistic. 

Gold News

Bitcoin price ruptures $19,000 support oblivious to ballooning BTC/GBP’s trading volume

Bitcoin price ruptures $19,000 support oblivious to ballooning BTC/GBP’s trading volume

BTC appears to be playing games with investors in move that see price action repeatedly undermined. Earlier in the week, the flagship cryptocurrency jumped to $20,200 but immediately snapped out of the northbound move to test support at $18,500.

Read more

US August PCE Inflation Preview: Will it trigger a dollar correction? Premium

US August PCE Inflation Preview: Will it trigger a dollar correction?

The US Bureau of Economic Analysis will release the Personal Consumption Expenditures (PCE) Price Index data, the US Federal Reserve’s preferred gauge of inflation, for August on Friday, September 30.

Read more