Fundamental technical analysis:
- EMA 34 & EMA 89: When the EMA 34 remains higher than the EMA 89, there is a positive trend being displayed.
- RSI: In the H1 time frame, the RSI had a breakout and rose above the averages. Clearly showing a slight uptrend.
- Resistance - Support (zone): create a large range and these zones react very strongly.
Basic overview:
At the beginning of the week, the price of gold dropped below $1,950 as investors reacted to the impressive May jobs report from the US. The report showed that Nonfarm Payrolls had risen by 339,000, surpassing the market expectation of 190,000 by a wide margin. However, in the second half of the day, the US Dollar came under selling pressure as the ISM Services PMI survey revealed a loss of momentum in service sector activity. The survey also showed a decline in input inflation and a drop in the sector's payrolls, prompting XAU/USD to regain traction and Gold to close the day in positive territory.
- EMA 34 & EMA 89: When the EMA 34 remains higher than the EMA 89, there is a positive trend being displayed.
- RSI: In the H1 time frame, the RSI had a breakout and rose above the averages. Clearly showing a slight uptrend.
- Resistance - Support (zone): create a large range and these zones react very strongly.
Basic overview:
At the beginning of the week, the price of gold dropped below $1,950 as investors reacted to the impressive May jobs report from the US. The report showed that Nonfarm Payrolls had risen by 339,000, surpassing the market expectation of 190,000 by a wide margin. However, in the second half of the day, the US Dollar came under selling pressure as the ISM Services PMI survey revealed a loss of momentum in service sector activity. The survey also showed a decline in input inflation and a drop in the sector's payrolls, prompting XAU/USD to regain traction and Gold to close the day in positive territory.
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