GOLD price falls on mixed US data and Fed rate hike pause hints
Atualizado
The XAU/USD gold price has retreated slightly from its all-time high as bullish investors take a pause ahead of the crucial US Nonfarm Payrolls (NFP) report. The Federal Reserve's recent indication of a potential pause in its rate hike trajectory, coupled with Chairman Jerome Powell's cautious remarks, has led to a weakening of the US Dollar and an upward push on gold prices. Mixed US data on Thursday and mounting expectations of a Fed rate hike in September 2023 have further bolstered the price of gold, while concerns over potential banking crises and debt ceiling expiration continue to weigh on XAU/USD traders.
From a technical perspective, the gold price experienced a significant bearish dip, testing the $2,000 mark before recovering to around $2,010. However, the release of the better-than-expected Nonfarm Payrolls report for April caused a surge in the 10-year US T-bond yield, resulting in a drop in XAU/USD. Currently, the price is situated within our zone of interest, located between the 50% and 61.8% Fibonacci levels, which are in conjunction with the previous support area. Our analysis suggests a new pullback towards the main trend, with a long position recommended following the trend in the daily timeframe.
From a technical perspective, the gold price experienced a significant bearish dip, testing the $2,000 mark before recovering to around $2,010. However, the release of the better-than-expected Nonfarm Payrolls report for April caused a surge in the 10-year US T-bond yield, resulting in a drop in XAU/USD. Currently, the price is situated within our zone of interest, located between the 50% and 61.8% Fibonacci levels, which are in conjunction with the previous support area. Our analysis suggests a new pullback towards the main trend, with a long position recommended following the trend in the daily timeframe.
Nota
Our previous idea of a price drop has materialized within our area of interest.
Trade ativo
As we predicted earlier, the price of GOLD grew following also the divergence on the Stochastic Indicator.Trade ativo
Trade fechado: objetivo atingido
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