XAUUSD - Nice selling point after Gold recovers
World gold price in the early morning fell slightly with spot gold down 5.7 USD to 1,969.9 USD/ounce. Gold futures in August traded at the end of the period at 1,970.9 USD / ounce, down 9.9 USD compared to the dawn of the previous day.
World gold fell slightly in reaction to newly released US data showing that the labor market saw an upward momentum. Specifically, the number of workers who updated their first-time jobless claims continued to decrease. The number of weekly jobless claims fell from 9,000 to 228,000, the Labor Department said, down from last week's untested estimate of 237,000. Economists expect jobless claims to rise to 239,000.
In addition, the recovery of the USD also has an impact on the direction of gold. Early this morning, the US Dollar Index, which measures volatility in the greenback, increased by 0.51% near January 101, taking on gold's appeal to buyers holding other currencies.
Technically, the bulls have the overall near-term technical advantage. Price is in a 3 week old uptrend on the daily bar chart. The fundamental price introduction's next upside objective is to produce a close above solid resistance at $2,000/ounce. The next near-term downside downside price objective of the underlying downside is the consolidation of futures prices below solid technical support at the June low of $1,900.6 an ounce.
World gold fell slightly in reaction to newly released US data showing that the labor market saw an upward momentum. Specifically, the number of workers who updated their first-time jobless claims continued to decrease. The number of weekly jobless claims fell from 9,000 to 228,000, the Labor Department said, down from last week's untested estimate of 237,000. Economists expect jobless claims to rise to 239,000.
In addition, the recovery of the USD also has an impact on the direction of gold. Early this morning, the US Dollar Index, which measures volatility in the greenback, increased by 0.51% near January 101, taking on gold's appeal to buyers holding other currencies.
Technically, the bulls have the overall near-term technical advantage. Price is in a 3 week old uptrend on the daily bar chart. The fundamental price introduction's next upside objective is to produce a close above solid resistance at $2,000/ounce. The next near-term downside downside price objective of the underlying downside is the consolidation of futures prices below solid technical support at the June low of $1,900.6 an ounce.
Comment:
Running +20Pips ✅
Comment:
Running +110Pips ✅
✅ TP1: 1965
✅ TP2: 1960
✅ TP3: 1952
🛑 SL: 1982