Gold technical analysis: Consolidates near weekly tops, NFP eyed for a fresh impetus


  • The positive momentum stalls ahead of a one-month-old trading range resistance.
  • Technical set-up support prospects for additional gains, albeit needs confirmation.

Gold failed to capitalize on the positive move witnessed over the past two trading sessions and was seen consolidating in a range just below weekly tops set earlier this Friday.
 
The momentum stalled ahead of the $1516-18 supply zone, marking the top end of a one-month-old trading range, which should act as a key pivotal point for short-term traders.
 
Slightly overbought conditions on hourly charts seemed to be the only factor holding investors from placing fresh bullish bets ahead of the closely watched US monthly jobs report.
 
Meanwhile, oscillators on the daily chart have just started gaining positive traction and support prospects for additional gains amid the prevalent USD selling bias.
 
However, traders are likely to wait for a sustained break through the mentioned trading range barrier before positioning for a move towards $1533-35 resistance area.
 
The momentum could further get extended towards $1540-42 intermediate resistance en-route the $1555-57 region – multi-year tops set in September.
 
Conversely, rejection from the current resistance zone and a subsequent weakness back below the key $1500 psychological mark might negate the near-term constructive outlook.
 
The commodity then could slide back towards the $1485 horizontal support ahead of the $1480 level and the lower end of the trading range, around the $1474-73 region.

Gold daily chart

fxsoriginal

XAU/USD

Overview
Today last price 1511.8
Today Daily Change -1.16
Today Daily Change % -0.08
Today daily open 1512.96
 
Trends
Daily SMA20 1494.99
Daily SMA50 1504.7
Daily SMA100 1469.36
Daily SMA200 1385.01
 
Levels
Previous Daily High 1514.22
Previous Daily Low 1493.8
Previous Weekly High 1517.92
Previous Weekly Low 1481.05
Previous Monthly High 1519.04
Previous Monthly Low 1455.5
Daily Fibonacci 38.2% 1506.42
Daily Fibonacci 61.8% 1501.6
Daily Pivot Point S1 1499.77
Daily Pivot Point S2 1486.57
Daily Pivot Point S3 1479.35
Daily Pivot Point R1 1520.19
Daily Pivot Point R2 1527.42
Daily Pivot Point R3 1540.61

 

 

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

GBP/USD holds the lower ground below 1.2550 on downbeat UK GDP

GBP/USD stays pressured below1.2550 after flashing the biggest losses in two weeks the previous day. The UK GDP disappointed expectations by expanding 1.8% MoM in May. Focus shifts to the US CPI data. 

GBP/USD News

EUR/USD looks north but risk aversion could play spoilsport

EUR/USD looks north with the German economy showing signs of bottoming out and heightened expectations for an EU fiscal stimulus plan. Stronger gains, however, may remain elusive if the stock markets drop, tracking losses on Wall Street. 

EUR/USD News

Gold: Breaks $1,800 threshold, nearby support lines in focus

Gold prices extend Monday’s pullback from $1,813.54 to challenge Friday’s low. Monthly support line, a five-week-old rising trend line to question the bears. Bulls will seek entries beyond the weekly resistance line.

Gold News

US Consumer Price Index June Preview: Prices slowly return to normal

Consumer prices that collapsed in March and April have begun to return to normal as people return to work and shopping, and the country puts the complete lockdowns of the spring behind it.

Read more

WTI recovers from intraday low under $40.00 ahead of API inventories

WTI’s pullback from $39.30 fails to defy a two-day losing streak. China’s sustained increase in oil imports confronts chatter of easing output cuts. US inflation data, API stockpiles and American earnings are in the spotlight.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures