Gold analysis – 5 Jul 2019

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By: Ahura Chalki

Gold rose ahead of NFP and Job report!

During US holidays Gold had flat moving, however, overnight and ahead of NFP and Job reports it could breach first resistance level at $1420.96, up to $1424.25. Market expecting 160K for NFP, while it had sharp falling to 75K in the last month’s realized data from 224K. Another important data for today is an unemployment rate of the US. 3.6% -3.8% is the accepted unemployment rate for the United States in the past two years. For this week also market is expecting it to hold on 3.6% of last week. These two mentioned data will help Gold to realize its next trend, especially if they will both become positive or negative.

From the technical side, In the H4 and daily chart, all indicators remain of bullish. In the H1 chart RSI still confirming of flat movement, same as Bollinger bands, where the price is moving between lower and upper bands, however yesterday it was moving between middle and lower band and today’s movement is between middle and upper line of Bollinger bands, which can be read as tending to more bullish than bearish.

 

Pivot point: 1415.58

Resistance levels: 1420.96 / 1427.00

Support levels: 1409.53 / 1404.15

The expected trading range for today is between 1404.15 support and 1427.00 resistance.


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