XAU/USD – Today’s gold price
Yesterday (June 2) the gold price fluctuated during the US economic data announcement. The non-farm payroll employment in the United States came out better than expected at 4,800K from the forecast of 3,000K, as well as the unemployment rate which came in at 11.1% from the forecast number 12.3%. However, the number of unemployed was higher than predicted and the hourly income came out lower than expected. Overall, the economic numbers still confirm that the economic recovery continues. The stock market has rebounded strongly this week and the 10-year US Treasury yield had its best week in four, closing at 0.669.
Although the overall economic recovery may have reduced the safe haven demand for Gold however, the background remains one of a risk of the coronavirus outbreak extending, and supportive of Gold prices. Read More...
Gold bounce off the D L3 camarilla
Gold has bounced off the D L3 zone after a pullback few days earlier. The lack of US markets momentum today might bring the GOLD up.
Strong bullish pressure along with the bullish marubozu candle, mark the continuation of GOLD uptrend. We should see 1781 as the first level. If the price makes a close above we will probably see D H4/ATR high hit which is 1789. If the price proceeds above the TR high then next level is D H5 resistance 1797. Buying the dip should be the option for GOLD traders as long as the price is held above 1752. Read More...
Gold struggles for a firm direction, stuck in a range around $1775 region
Gold extended its sideways consolidative price action and remained confined in a narrow trading band, around the $1775 region through the early European session.
The precious metal failed to capitalize on the previous day's goodish intraday bounce from sub-$1760 levels, or weekly lows touched in the aftermath of stellar US monthly jobs report. The headline NFP showed that the US economy added 4.8 million jobs in June as compared to 3 million expected and the unemployment rate dropped to 11.1% from 13.3% in May. Read More...
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