Gold is maintaining its bullish momentum as the market finds little additional support for the USD from the latest data. Average hourly earnings rose 0.3%, exactly in line with forecasts, creating no surprises.
Nonfarm Payrolls came in at 75k, slightly higher than the previous 73k but still matching expectations, suggesting the U.S. labor market is not particularly strong. More importantly, the unemployment rate climbed from 4.2% to 4.3%, a negative signal for the USD as it increases the likelihood of a more dovish Fed, thereby supporting gold prices.
On the H1 chart, gold is trading around $3,550, with key support at $3,500 (aligned with the EMA34 and EMA89). The nearest resistance stands at $3,590, which is also the next upside target if the current trend holds. Overall, as long as gold remains above $3,500, the scenario of testing $3,590 in the coming sessions remains the primary outlook.
Nonfarm Payrolls came in at 75k, slightly higher than the previous 73k but still matching expectations, suggesting the U.S. labor market is not particularly strong. More importantly, the unemployment rate climbed from 4.2% to 4.3%, a negative signal for the USD as it increases the likelihood of a more dovish Fed, thereby supporting gold prices.
On the H1 chart, gold is trading around $3,550, with key support at $3,500 (aligned with the EMA34 and EMA89). The nearest resistance stands at $3,590, which is also the next upside target if the current trend holds. Overall, as long as gold remains above $3,500, the scenario of testing $3,590 in the coming sessions remains the primary outlook.
Trade closed: target reached
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Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.