JohnHarry66
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Gold price retreats slightly from the daily top and trades with a mild positive bias, above the $3,350 level in the second half of the European session on Friday. The US Dollar gains some positive traction and moves away from its lowest level since April 22 set on Thursday, as markets gear up for the crucial US NFP report.
Gold price attracts fresh sellers in the vicinity of the $3,385 region, or a multi-week high touched on Tuesday and erodes a part of the previous day's modest gains. The downtick is sponsored by a slight US Dollar recovery, which tends to undermine demand for the commodity. However, a combination of factors might continue to act as a tailwind for Gold.Xauusd buy 3373Support 3391Support 3407
From a technical perspective, the emergence of dip-buying on Wednesday comes on top of this week's breakout through the $3,324-3,326 barrier. Moreover, oscillators on daily/hourly charts are holding comfortably in positive territory and suggest that the path of least resistance for the Gold price is to the upside. However, any subsequent move up could face some resistance near the $3,380 region ahead of the $3,400 neighborhood or a multi-week high touched on Tuesday. A sustained strength beyond the latter should allow the XAU/USD pair to retest the all-time peak touched in April and make a fresh attempt to conquer the $3,500 psychological mark.Xauusd sell 3363Support 3348Support 3338Support 3325Xauusd sell 60 pips running1 support hit 150 pips done 👍
From a technical perspective, the overnight breakout through the $3,324-3,326 hurdle and a subsequent strength beyond the $3,355 area was seen as a key trigger for the XAU/USD bulls. Moreover, oscillators on daily/hourly charts are holding comfortably in positive territory and suggest that the path of least resistance for the Gold price is to the upside. Hence, any subsequent slide below the $3,355 area could be seen as a buying opportunity and remain limited near the $3,326-3,324 resistance-turned-support. Some follow-through selling, however, could make the commodity vulnerable to weakening further below the $3,300 mark and testing the $3,286-3,285 horizontal support.Xauusd sell 3356Support 3342Support 3330Support 3330
Gold climbs higher after disappointing US PMI data and trades at its highest level in nearly a month above $3,370. The precious metal also benefits from the risk-averse market atmosphere on a deepening Russia-Ukraine conflict and growing fears over the US and China struggling to reach a trade agreement.Xauusd signal sell 3377Support 3370Support 3360Support 3350Support 33401 support hit 70 pips done 👍👍Xauusd sell signal
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