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Gold holds above $4,300 as bulls target the $4,380 area
XAU/USD is up nearly 7% for the week, and gains may hinge on July’s Nonfarm Payrolls, with consensus looking for 80,000 net new jobs.
Gold prices resumed a bullish run on Friday, pushing XAU/USD to fresh three-week highs above $4,300 after a brief consolidation the prior day, FXStreet said. The precious metal is last quoted at $4,315.19, with the move supported by improving technical signals such as a higher daily MACD and a constructive outlook on the daily chart despite an overextended intraday RSI reading.
The report said bullion is on track for its strongest weekly performance since January, with nearly a 7% gain, but further upside could depend on the outcome of July’s Nonfarm Payrolls later in the day. Market consensus calls for payrolls to rise by 80,000, up from 57,000 in June.
FXStreet noted analysts at Deutsche Bank expect a more modest improvement, forecasting a slight uptick in headline jobs at +65,000 versus +57,000 previously. The analysts pointed to a scenario that would keep readings below the 3- and 6-month moving averages, consistent with cooling hiring momentum rather than a sharp deterioration.
Technically, the next upside hurdle is the June 15 and 17 highs in the $4,380 area, the report said. Support levels were cited at Thursday’s low of $4,223, the broken trendline region around $4,050, and later lows near $4,000 around July 31 and August 3.
Latest closeGold $4,292.00 ▲1.1%