The recent movement of Spot Gold (XAUUSD) back to the $1739.45 zone has caught the attention of many market observers. As we look ahead, there are two potential price zones to consider – $1705/1680 or $1770/1801. While an analysis of the current market conditions is necessary for an informed prediction, it is important to note that recession fears and the upcoming US NFP report will likely play a significant role in determining the future trajectory of XAUUSD.
Additionally, aggressive Fed rate hike bets are also factors to watch closely as they can impact market sentiment and ultimately influence gold prices. By staying informed and conducting a careful analysis, investors can better position themselves amidst these evolving dynamics in the Spot Gold market.
In this informative analysis, we delve into the potential scenarios for gold price movements as of 03.06.2022. Our analysis suggests that under the bearish scenario, gold may encounter significant support levels at 1840-1810-1780-1755-1738-1719.
Please keep in mind that these predictions are based on our analysis and should not be considered financial advice. Always conduct thorough research and consult with professional advisors before making any investment decisions.However, it is important to note that market conditions are dynamic and subject to change. Should gold find support at either the 1840 or 1805 zone, there is a possibility of a reversal with a potential pivot point around 48.6% Fibonacci Retracement.
In this analysis, we will delve into the latest NFP (Non-Farm Payroll) report and its potential impact on the US economy. The report is expected to reveal that the US economy added 268K jobs in June, which is slightly lower compared to the previous month’s figure of 390k. Despite this slight dip in job growth, the unemployment rate is expected to remain unchanged at a steady 3.6%.
This informative data sheds light on the current state of the US labor market and provides predictive insight into how it may influence the near-term dynamics of the USD price. Analysing such key economic indicators allows us to gauge potential shifts in market sentiment and make more informed decisions.
By understanding these trends and their implications, we can better comprehend how broader risks and opportunities may arise within the currency markets. Stay tuned for a comprehensive analysis that will help paint a clearer picture of what lies ahead for the USD based on this crucial NFP report.
