Gold finds support off weekly 50-MA ahead of US NFP release

Omkar Godbole FXStreet Contributor

The rising global bond yield environment is keeping gold under pressure; however, the losses are being capped at the weekly 50-MA level of $1218.50 ahead of the US NFP release.

Eyes US data

The US economy is expected to have added 179K jobs in June compared to 138K jobs in May. US average hourly earnings (due at 12:30 GMT) are seen rising 0.3% m/m in June, compared to 0.2% growth seen in May

A strong wage growth figures could yield another leg higher in the treasury yields and weigh over gold. Note that the metal is oversold as per the RSI on the daily chart, thus weak wage growth numbers could see the metal jump back above the 200-DMA level of $1231 levels.

Gold Technical Levels

As of writing, the metal trades at $1120/Oz. A break below $1218.50 (weekly 50-MA) would open up downside towards $1214.40 (May low) and $1211.73 (Nov 11 low). On the other hand, breach of $1223.50 (5-DMA) would open doors for $1226 (1-hour 50-MA) and $1229.37 (resistance on 1-hour chart).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bullish	Neutral	Low
1H	Bullish	Neutral	High
4H	Bullish	Neutral	Low
1D	Bullish	Neutral	High
1W	Bearish	Neutral	Low
Updated Jul 7, 03:15 GMT

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD stays in tight channel near 1.1800

EUR/USD moves sideways in a narrow band at around 1.1800 in the second half of the day on Friday as investors refrain from taking large positions. February inflation data from Germany and January Producer Price Index figures from the US could drive the pair's action heading into the weekend.

GBP/USD struggles below 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band below 1.3500 on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the BoE easing expectations, acting as a headwind for the GBP.

Gold flat lines below $5,200; traders look to US PPI for fresh impetus

Gold struggles to capitalize on its modest gains registered over the past two days and trades below the $5,200 mark through the first half of the European session on Friday. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.