Gold Holds Range Ahead of US Employment News

FXOpen

Technical Bias: Bearish

Key Takeaways:

  • Gold holds tight range ahead of NFP release
  • $1142 remains key support area
  • NFP due in early NY session

The price of Gold is holding a tight range ahead of the US employment news which will give a new direction to precious metals. The technical bias remains bearish due to a Lower High and Lower Low in the recent wave on daily chart.

Technical Analysis

As of this writing, the yellow metal is being traded near $1183 an ounce. A support may be noted around $1181, the 23.6% fib level ahead of $1150, the psychological number and then $1142, the low of the last major dip as demonstrated in the following daily chart.

Gold Holds Range Ahead of US Employment News

On the upside, the precious metal is expected to face a hurdle near $1205, the 38.2% fib level ahead of $1224, the confluence of 50% fib level as well as high of the last major upside move. The technical bias will remain bearish as long as the $1224 resistance area is intact.

Nonfarm Payrolls

The US Bureau of Economic Analysis is due to release the nonfarm payrolls report today during the early New York session. According to the average forecast of different economists, the US corporations added 224K jobs in April as compared to 126K jobs in the month before. General speaking, higher NFP reading is considered positive for the economy thus a better than expected actual outcome will be seen as bearish for Gold and vice versa.

Trade Idea

Considering the overall technical and fundamental outlook, buying or selling the precious metal can be a good decision if we get today’s daily candle in the form of a pin bar or engulfing candle.

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Market Analysis: EUR/USD Takes Hit While USD/CHF Surges Market Analysis: The Yen and European Currencies Headed to New Lows Market Analysis: US Federal Reserve Contemplates Future Interest Rate Hikes Amid Economic Resilience USD/JPY Analysis: For the First Time This Year, the Rate Exceeds 149 Yen Per Dollar Market Analysis: US Dollar On the Rise Despite Weak PMI Data

Latest articles

Forex Analysis

Market Analysis: EUR/USD Takes Hit While USD/CHF Surges

EUR/USD started a fresh decline below the 1.0615 support. USD/CHF is rising and might aim a move toward the 0.9220 resistance. Important Takeaways for EUR/USD and USD/CHF Analysis Today· The Euro struggled to clear

Forex Analysis

Market Analysis: The Yen and European Currencies Headed to New Lows

The main currency pairs began the last five-day trading period of September with a new wave of growth for the American currency. Changes in the Fed's point forecast for next year provided powerful support to the dollar, which, in turn,

Forex Analysis

Market Analysis: US Federal Reserve Contemplates Future Interest Rate Hikes Amid Economic Resilience

In an intriguing turn of events, the US Federal Reserve has hinted at the possibility of yet another interest rate hike in the near future, keeping financial markets on their toes. During its September 2023 meeting, the Federal Reserve chose

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.