Gold refreshes session lows, slides below $1765 level post-NFP

  • Gold added to the overnight losses and remained on the defensive for the second straight session.
  • The risk-on mood seemed to be the only factor exerting pressure on the safe-haven commodity.
  • Upbeat US monthly employment details added to the positive news about a coronavirus vaccine.
  • The offered tone surrounding the USD might help limit deeper losses, at least for the time being.

Gold remained depressed through the early North American session and refreshed daily lows, around the $1763 region following the release of US monthly jobs report.

The headline NFP print showed that the US economy created 4.8 million jobs in June as compared to consensus estimates pointing to gains of 3 million. Adding to this, the previous month's reading was also revised higher to +2.699 million as against 2.509 million reported earlier. Meanwhile, the unemployment rate fell more than expected to 11.1% from 13.3% previous and offered further evidence that the worse of the coronavirus pandemic was behind us.

Optimism over the positive results from yet another potential COVID-19 vaccine and remained supportive of the upbeat market mood. This, in turn, undermined demand for traditional safe havens and exerted some pressure on the precious metal, which now seems poised to extend the previous day's retracement slide from multi-year tops.

Apart from the risk-on mood, a strong intraday pickup in the US Treasury bond yields further collaborated towards driving flows away from the non-yielding yellow metal. Meanwhile, the prevalent selling bias surrounding the US dollar might turn out to be the only factor lending some support to the dollar-denominated commodity and help limit deeper losses, at least for now.

Technical levels to watch


Today last price 1766.68
Today Daily Change -3.72
Today Daily Change % -0.21
Today daily open 1770.4
Daily SMA20 1739.91
Daily SMA50 1726.66
Daily SMA100 1674.09
Daily SMA200 1590.54
Previous Daily High 1789.28
Previous Daily Low 1759.26
Previous Weekly High 1779.41
Previous Weekly Low 1742.97
Previous Monthly High 1785.91
Previous Monthly Low 1670.76
Daily Fibonacci 38.2% 1770.73
Daily Fibonacci 61.8% 1777.81
Daily Pivot Point S1 1756.68
Daily Pivot Point S2 1742.96
Daily Pivot Point S3 1726.66
Daily Pivot Point R1 1786.7
Daily Pivot Point R2 1803
Daily Pivot Point R3 1816.72



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD pressured toward 1.17 amid higher US yields

EUR/USD is falling toward 1.17 as US bond yields rise amid the US fiscal impasse and ahead of US inflation figures. Coronavirus headlines and eurozone industrial output are also in play.


GBP/USD rises toward 1.3050 as UK Q2 GDP falls 20.4%

GBP/USD is rising toward 1.3050 after UK Q2 GDP fell by 20.4%, marginally above expectations. The devastating drop was priced in by markets and US inflation is now eyed.


Gold bounces above $1,900 after rapid collapse

Gold is trading above $1,900 recovering from the biggest rout in seven years. Profit-taking and higher US yields weigh on the precious metal. US inflation figures are eyed.

Gold News

Forex Today: Gold sell-off extends, dollar reigns supreme amid fiscal impasse, ahead of data

US bond yields are on the rise, supporting the recovering dollar and contributing to a sell-off in precious metals. The lack of progress in US fiscal talks and the increase in America's coronavirus deaths are among the depressing factors. US CPI is eyed.

Read more

WTI: Big move looks overdue

WTI could soon witness a big move in either direction. That’s because, the spread between Bollinger bands – volatility indicators placed 2 standard deviations above and below the 20-day simple moving average of price - has narrowed ...

Oil News