FXTM information and reviews
FXTM
95%
OctaFX information and reviews
OctaFX
94%
XM information and reviews
XM
93%
FXCC information and reviews
FXCC
92%
Libertex information and reviews
Libertex
91%
HFM information and reviews
HFM
89%

XAU/USD retests $1,800 ahead of NFP


5 November 2021

Gold price is trading close to fresh five-day highs of $1,800, as a downbeat market mood boosts the underlying bullish momentum, with the focus now shifting towards the much-awaited US Nonfarm Payrolls data. Resurfacing concerns over the indebted Chinese property sector combined with pre-NFP cautious trading has weighed down on the investors’ sentiment, underpinning the traditional safe-haven gold.

Meanwhile, a renewed downtick in the US Treasury yields across the curve amid risk-aversion has also collaborated with the latest leg up in gold price. Gold price looks to extend Thursday’s upsurge well past the $1,800 barrier, helped by the market’s reassessment of the global tightening expectations.

Both the Federal Reserve (Fed) and the Bank of England (BOE) stood pat on interest rates at their respective November policy meeting, lifting the sentiment around the non-interest-bearing gold. Gold traders now await the US payrolls data for gauging the next direction in the metal. The headline NFP is seen at 425K in October vs. 194K booked in September. A solid jobs report would revive the Fed’s rate hike expectations, capping gold’s upside attempts while a disappointment could offer extra zest to gold bulls, with $1,814 back in sight.

Gold Price: Technical outlook

Gold price is eyeing a sustained move above the $1,800 mark to unleash the additional recovery rally towards the previous week’s high of $1,810. The 14-day Relative Strength Index (RSI) is pointing north above the 50.00 level, suggesting that the bulls will likely remain in control in the near term.

On the downside, immediate support is at the 200-Daily Moving Average (DMA) at $1,791, below which a strong cushion appears around $1,784. At that level, the 21 and 100-DMAs hang closer.

Further south, the horizontal 50-DMA at $1779 could be challenged. All in all, the path of least resistance appears to the upside, as gold price closed Thursday above the critical 200-DMA barrier.

#source

Share: Tweet this or Share on Facebook


Related

The Downfall of Euro in 2022: the Analysis of its Reasons, the Current Situation, and the Objective Forecast
The Downfall of Euro in 2022: the Analysis of its Reasons, the Current Situation, and the Objective Forecast

Before getting down to analyzing why Euro reminds of a mafia victim in cement shoes falling off a Chicago bridge, allow us to open it up with a meme joke that best describes this whole ordeal...

30 Nov 2022

Why is western media so positive about the Chinese stock market?
Why is western media so positive about the Chinese stock market?

Premium news sites in the US and Europe are now saying that everything is suddenly going right for China’s stock market. Headlines announced Hong Kong stocks...

28 Nov 2022

Markets quiet down on Black Friday
Markets quiet down on Black Friday

The trading action in financial markets remains subdued amid thin volumes on Black Friday. Following the Thanksgiving Day holiday, bond and stock markets will close early...

25 Nov 2022

Football Stocks Scoring This World Cup
Football Stocks Scoring This World Cup

The 22nd education of the FIFA World Cup is scheduled to take place this year in Qatar from 20 November to 18 December 2022. This marks the first-ever World Cup held in an Arab nation and the second...

22 Nov 2022

Is GOOGL breaking out?
Is GOOGL breaking out?

After a long and bearish year for Alphabet Inc, the GOOGL chart shows a possible reversal. Is it just a brief resistance along the downward trend, or is there something...

21 Nov 2022

The impact of football on the stock market
The impact of football on the stock market

Football is one of the most popular sports worldwide, and has won the hearts of millions. The game brings together people from different walks of life, impacting not only the emotions and hearts of fans...

17 Nov 2022


Editors' Picks

FXCM information and reviews
FXCM
87%
ActivTrades information and reviews
ActivTrades
86%
RoboForex information and reviews
RoboForex
85%
MultiBank Group information and reviews
MultiBank Group
84%
FxPro information and reviews
FxPro
83%
Vantage information and reviews
Vantage
83%

© 2006-2022 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.