XAU/USD, H4
Lately, gold price has responded with lower economic numbers, because the recent economic numbers reflect the impact of the outbreak of Covid-19, and gold prices have already responded to the role of safe haven. However, last night, gold prices returned to meet with economic numbers again. The expected number of US unemployed last week was 3 million, resulting in gold prices moving up slightly before the announcement. When the number announced was 3.169 million, higher than expected, gold prices moved up to test the resistance zone at 1722.
The number of unemployment claims came out higher than expected, resulting in yesterday’s USDIndex closing below 100.00.
As for the technical perspective, in the H4 time frame from the rise of gold prices last night Until it can break through the trend line upwards (dotted line) upwards, resulting in the price frame being seen again. The first resistance is at 1722, which should be strong enough to cap the price in the Asian and European sessions but may not to be strong enough for the US market. The non-farm payroll numbers will be announced later with a forecast of up to -22 million. If the price goes up, there is a chance to see a test of the high zone at 1736, in line with the rising MACD trend which has been in positive territory since yesterday.
But if the result is the opposite, today’s first support will be at 1710, which, if breached, there is a chance to see the price move down to the lower boundary of the 1695 channel.
Recommended Content
Editors’ Picks
EUR/USD retreats toward 1.0850 despite weak US employment data
EUR/USD loses its traction and declines toward 1.0850 after testing 1.0900 earlier in the session. Because Nonfarm Payrolls data for October missed the market expectation by a wide margin due to hurricanes and strikes, the US Dollar manages to hold its ground.
GBP/USD climbs above 1.2950, looks to end week little changed
GBP/USD benefits from the improving risk mood and trades in positive territory above 1.2950 in the American session on Friday as markets ignore the weak labor market data from the US. The pair remains on track to end the week flat.
Gold clings to small gains near $2,750 after US data
Gold clings to marginal recovery gains and trades slightly above $2,750. The 10-year US Treasury bond yield struggles to push higher after the dismal October jobs report and weaker-than-expected PMI data from the US, helping XAU/USD keep it footing.
Bitcoin Weekly Forecast: Run toward fresh all-time high hinges on US presidential election results
Bitcoin could experience a price pullback in the next few days ahead of the US presidential election, analysts say, an event that will be key to determining whether and how the crypto class will be regulated in the years to come.
Bank of Japan holds rates steady amid signs of modest GDP growth
Monthly industrial production results have been mixed but generally indicate a modest recovery in third-quarter GDP. Clear guidance from the Bank of Japan remains elusive, with each upcoming meeting being pivotal.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.