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.

GBP/USD gathers strength to near 1.3550 as Fed hike bets fade, UK jobs data loom

The GBP/USD pair gains momentum to around 1.3550 during the early Asian trading hours. The US Dollar softens against the British Pound as cooler US inflation data have prompted traders to reduce bets on a US Federal Reserve rate hike. The UK employment report will be in the spotlight later on Tuesday.

EUR/USD flat lines below two-month high amid oil-driven inflation fears

The EUR/USD pair holds steady around the 1.1575-1.1580 region during the Asian session, and for now seems to have stalled the previous day's modest pullback from a two-month top. However, a modest US Dollar uptick warrants some caution before positioning for the resumption of the recent move higher from the 1.1350 area, or the July monthly swing low.

Gold bulls take a breather before the next push higher

Gold is retreating after hitting three-day highs just below $4,450 early Tuesday, and is flirting with $4,400 as of writing. Gold bulls take a breather following two consecutive days of gains, assessing the impact of the truce lapse between the United States (US) and Iran on Oil prices and US Treasury bond yields.

Ripple and Stellar remain under bearish pressure as corrective declines cap upside

Ripple and Stellar remain under pressure as broader market uncertainty and weak technical momentum weigh on both altcoins. XRP is hovering below the key $1 mark on Tuesday while XLM continues its corrective decline below $0.157. Meanwhile, mixed derivatives and on-chain signals indicate cautious sentiment, leaving both cryptocurrencies vulnerable to further downside.

Silver’s new era: Supply deficits meet exploding industrial demand

Silver has experienced a wild ride in 2026, but The Silver Institute President and CEO Michael DiRienzo says investors shouldn’t let the volatility obscure a much bigger story: the underlying silver market remains remarkably strong.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.