Gold's overall trend: Bearish.
Today's Gold Support Points: $4,040 – $3,990 – $3,900 per ounce.
Today's Gold Resistance Points: $4,100 – $4,260 – $4,400 per ounce
Today's Gold Trading Signals:
Bullish Scenario: Buy gold from the support level of $3,980 with a target of $4,100 and a stop loss at $3,920.
Bearish Scenario: Sell gold from the resistance level of $4,160 with a target of $3,980 and a stop loss at $4,200.
Note: These recommendations are suitable for medium-to-long-term traders, provided there is strict adherence to capital and risk management
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Daily Technical Analysis of Gold/US Dollar (XAU/USD):
Technical movements of gold futures on the COMEX exchange indicate that the $4000 per ounce level is beginning to establish itself as a key support zone> following the successful consolidation of prices above it during recent sessions. Through licensed trading platforms, the recent positive rebound on the daily chart reflects growing buyer interest in defending this level. Obviously, this enhances the chances of continued trading within a horizontal range in the short term.
Despite this relative stability, the technical picture still leans toward caution, as the 20-day and 50-day Simple Moving Averages (SMAs) continue to slope downwards. This indicates that selling pressures have not completely faded, and any upward attempts may face resistance before a trend change is confirmed. The MACD indicator is moving in negative territory, but the narrowing gap between its lines could signal weakening bearish momentum if prices remain above $4000. At the same time, the Relative Strength Index (RSI) is stabilizing below the neutrality level, reflecting bearish momentum without showing strong signals of moving into oversold territory so far.
Across the best gold trading company platforms, the prices of the yellow metal are stabilizing around $4070 per ounce level. The metal is recovering from its lowest level in more than seven months. Earlier this week, gold fell to the $3,942 support level.
Gold Prices Cautiously Await US Employment Numbers
During today's Thursday trading session, gold prices will continue to closely monitor investors' reaction to the US Non-Farm Payrolls (NFP) report for clues on the Federal Reserve's monetary policy path. Ahead of the release, gold prices rose, as weaker-than-expected US jobs data and falling oil prices helped ease inflation concerns.
The US Non-Farm Payrolls data for June is expected to be released at 12:30 GMT, which could affect expectations for the Federal Reserve's interest rate path. Ahead of the data results, traders expect, according to the CME FedWatch tool, an approximate 66% probability of a rate hike in September.
What is Supporting Gold Today?
Gold trading is receiving support from declining US Treasury yields and ongoing uncertainty regarding monetary policy, while the stability of the US Dollar limits the yellow metal's ability to achieve strong gains ahead of the release of major economic data.
Trading advice:
Gold trading should remain cautious until the reaction to today's US data releases is clear. Regardless of your buy or sell convictions, strict risk management is essential.
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