- Gold is trading 0.23% higher on Friday erasing earlier losses.
- It seems either there was some profit taking or NFP bears around earlier.
Gold 1-Hourly Chart
The price of gold fell from its daily peak of $1,690.04 after the Non-Farm Payroll data earlier in the session.
Now it seems the price found some support at the 38.2% Fibonacci retracement.
The candle also managed to close above the 261.8% Fibonacci extension and trendline.
This also confluences with a support zone at $1.653.83.
Now it seems the price might be edging back toward the highs but if the Fibs keep working the 76.4% level ($1,678.34) could be the new 1-2 wave low from an Elliott wave perspective.
If the bulls win the battle then $1,720.00 is the 1.618% extension to the upside.
-637191196724591240.png)
Additional Levels
All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.
Recommended content
Editors’ Picks
EUR/USD weakens below 1.0900 amid trade war fears
EUR/USD loses ground to trade below 1.0880 in early Europe on Thursday. Escalating US-EU trade tensions weigh on risk sentiment and the pair, lending some support to the US Dollar amid US inflation cooldown. Focus shifts to ECB-speak and US PPI data.
Gold price sticks to gains near all-time high ahead of US PPI; bulls shrug off modest USD strength
Gold price retains its positive bias through the first half of the European session on Thursday and remains within striking distance of the record high touched on February 24. Persistent worries about the potential economic fallout from Trump's aggressive trade policies benefit the safe-haven bullion for the third successive day.
GBP/USD stay defensive near 1.2950 as risk-off mood persists
GBP/USD is on the defensive near 1.2950 in the European session on Thursday. The pair faces headwinds from intensifying tariff war globally and a pause in the US Dollar downtrend. Traders look forward to the US PPI data for fresh directional impetus.
Metaverse narrative stalls as price action fades, but on-chain data signals continuing accumulation
Metaverse tokens are cryptocurrencies associated with virtual worlds, digital economies, and immersive online experiences. Tokens like Sandbox, Decentraland, and Axie Infinity, three of the most prominent assets during the Metaverse boom of 2021, continue to face correction since they topped in early December.
Brexit revisited: Why closer UK-EU ties won’t lessen Britain’s squeezed public finances
The UK government desperately needs higher economic growth as it grapples with spending cuts and potential tax rises later this year. A reset of UK-EU economic ties would help, and sweeping changes are becoming more likely.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.