Gold suddenly increased sharply after recent Unemployment
Gold Price (XAU/USD) remains on the front foot around the weekly high, making rounds to $1965 during early Friday morning in Asia, after rising the most in five weeks the previous day. It should be noted that a slew of the downbeat United States economics weighed on the Federal Reserve (Fed) bets and the US Dollar to underpin the bullish bias surrounding the XAU/USD. However, the cautious mood ahead of China’s inflation gauges for May, namely the Consumer Price Index (CPI) and Producer Price Index (PPI), prod the Gold buyers due to the Dragon Nation’s status as one of the world’s biggest XAU/USD consumers.
Gold price stays within a three-week-old trading range comprising the 100-DMA support and a slightly downward-sloping trend line from May 18, respectively near $1,940 and $1,985 by the press time.
While closely observing the XAU/USD price, it becomes easy to establish the bullish chart formation backed by the Relative Strength Index (RSI) line, placed at 14.
That said, the Gold Price marks higher lows and gains support from an ascending RSI line, forming higher lows on the oscillator, which in turn confirms the market’s gradually building bullish bias for the yellow metal.
Hence, the XAU/USD is well-set to challenge the stated trading range’s top line, close to $1,985. However, a break of which appears difficult as multiple hurdles stand tall to challenge the Gold buyers around the $2,000 psychological magnet.
On the other hand, a daily closing below the 100-DMA support of around $1,940 defies the bullish chart signals and can drag the Gold Price towards the $1,985-80 support zone, comprising levels marked in February and March of 2023.
XAUUSD SELL LIMIT 1966 - 1970 💯💯
✅𝖳𝖯1 1960
✅𝖳𝖯2 1955
✅TP3 1950
🛑𝖲𝖫 1975
𝖷𝖠𝖴𝖴𝖲𝖣 BUY 1953 - 1957💯💯
✅𝖳𝖯1 1962
✅𝖳𝖯2 1968
✅TP3 1975
🛑𝖲𝖫 1945
Gold price stays within a three-week-old trading range comprising the 100-DMA support and a slightly downward-sloping trend line from May 18, respectively near $1,940 and $1,985 by the press time.
While closely observing the XAU/USD price, it becomes easy to establish the bullish chart formation backed by the Relative Strength Index (RSI) line, placed at 14.
That said, the Gold Price marks higher lows and gains support from an ascending RSI line, forming higher lows on the oscillator, which in turn confirms the market’s gradually building bullish bias for the yellow metal.
Hence, the XAU/USD is well-set to challenge the stated trading range’s top line, close to $1,985. However, a break of which appears difficult as multiple hurdles stand tall to challenge the Gold buyers around the $2,000 psychological magnet.
On the other hand, a daily closing below the 100-DMA support of around $1,940 defies the bullish chart signals and can drag the Gold Price towards the $1,985-80 support zone, comprising levels marked in February and March of 2023.
XAUUSD SELL LIMIT 1966 - 1970 💯💯
✅𝖳𝖯1 1960
✅𝖳𝖯2 1955
✅TP3 1950
🛑𝖲𝖫 1975
𝖷𝖠𝖴𝖴𝖲𝖣 BUY 1953 - 1957💯💯
✅𝖳𝖯1 1962
✅𝖳𝖯2 1968
✅TP3 1975
🛑𝖲𝖫 1945
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