Gold: downside continuation on better-than-expected NFPs
October 6, 2023 3:22 pm
XAU/USD is trading at 1,820 at the time of writing, far above 1,810 today’s low. The bias remains bearish, so more declines are natural if the Dollar Index resumes its growth. Still, a deeper drop needs confirmation. After its strong downside movement, we cannot exclude temporary rebounds.
Fundamentally, the US NFP came at 336K above the 171K expected, while the Unemployment Rate and Average Hourly Earnings disappointed. Furthermore, the Canadian Employment Change and Unemployment Rate came in better than expected.
XAU/USD Retests The Sellers!
Technically, XAU/USD invalidated the breakdown below 1,815 static support and now it challenges the downtrend line and the triangle’s resistance.
Also, the former high of 1,829 represents a static resistance. False breakouts through the immediate resistance levels may announce a new sell-off.
XAU/USD Outlook!
Jumping and closing above 1,829 activates more gains. This is seen as a buying signal.
A new lower low, a bearish closure below 1,810 activates more declines.
The material has been provided by InstaForex Company – www.instaforex.com
XAU/USD is trading at 1,820 at the time of writing, far above 1,810 today’s low. The bias remains bearish, so more declines are natural if the Dollar Index resumes its growth. Still, a deeper drop needs confirmation. After its strong downside movement, we cannot exclude temporary rebounds.
Fundamentally, the US NFP came at 336K above the 171K expected, while the Unemployment Rate and Average Hourly Earnings disappointed. Furthermore, the Canadian Employment Change and Unemployment Rate came in better than expected.
XAU/USD Retests The Sellers!
Technically, XAU/USD invalidated the breakdown below 1,815 static support and now it challenges the downtrend line and the triangle’s resistance.
Also, the former high of 1,829 represents a static resistance. False breakouts through the immediate resistance levels may announce a new sell-off.
XAU/USD Outlook!
Jumping and closing above 1,829 activates more gains. This is seen as a buying signal.
A new lower low, a bearish closure below 1,810 activates more declines.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: