- Gold Price trades on the defensive after Friday’s positive close.
- US NFP beat trigger two-way businesses in the yellow metal.
- XAUUSD hovers near nine-month lows, with eyes on US inflation.
Gold Price is moving back and forth in a familiar range around the $1,740 level, as the US dollar sees fresh buying at the start of the week. Investors digest Friday’s stellar US Nonfarm Payrolls report while assessing the Fed rate hike expectations.
The US economy added 372,000 jobs in June vs. expectations of 268,000 addition while the Unemployment Rate steadied at 3.6%. The solid US labor market offered a tailwind to the aggressive Fed tightening expectations, keeping the sentiment around the dollar buoyed.
Moreover, the risk-off mood in Asian trading, with the renewed concerns over Chinese covid lockdowns and their impact on global growth, added to the greenback’s strength.
Although the retreat in the US 10-year Treasury yields from multi-day highs helps cushion the downside in the bright metal. Persistent risk-off flows boost the safe-haven appeal of the American government bonds, dragging yields lower.
Meanwhile, markets grieve over the shocking assassination of the former Japanese Prime Minister Shinzo Abe. Further, a sense of caution prevails ahead of the critical US inflation data due later this week, which leaves gold bulls in the back seat.
In the meantime, the Fed sentiment and recession fears will continue to influence the broader market theme, eventually impacting the dollar valuations and gold price action. The US economic calendar remains light on Monday; therefore, the focus will be on the Fed official Williams speech.
Gold Price: Daily chart
“On the upside, $1,765 (former support, static level) aligns as the first technical resistance ahead of $1,790 (former support, static level). On the downside, $1,730 (July 8 low) forms interim support ahead of $1,720 (static level) and $1,700 (psychological level),” FXStreet’s Senior Analyst, Eren Sengezer explained in his gold weekly forecast.
Gold Price: Additional levels to consider
|Today last price||1741.74|
|Today Daily Change||-0.78|
|Today Daily Change %||-0.04|
|Today daily open||1742.56|
|Previous Daily High||1752.49|
|Previous Daily Low||1730.73|
|Previous Weekly High||1814.37|
|Previous Weekly Low||1730.73|
|Previous Monthly High||1879.26|
|Previous Monthly Low||1802.79|
|Daily Fibonacci 38.2%||1744.18|
|Daily Fibonacci 61.8%||1739.04|
|Daily Pivot Point S1||1731.36|
|Daily Pivot Point S2||1720.17|
|Daily Pivot Point S3||1709.6|
|Daily Pivot Point R1||1753.12|
|Daily Pivot Point R2||1763.69|
|Daily Pivot Point R3||1774.88|
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.