Gold prices closed at $1811.45 after reaching a high of $1819.55 and a low of $1806.75. After remaining flat throughout the trading session on Wednesday, gold prices started declining on Thursday despite the continuous fall in greenback prices. On Friday, the gold price forecast remained bullish above the long-held support level of 1,809 level. The major focus remains on the US Nonfarm Payrolls that are due to come out during the US session today.
Gold Price Forecast – Technical Levels
Pivot Point: 1812.58
Gold Price Forecast – US Nonfarm Payrolls In Focus
The gold price forecast remains bullish above the long-held support level of 1,809 level. On the 4-hourly timeframe, an upward trendline is extending support at the 1,809 level. However, the closing of candles above this level confirms its validity.
On the bullish side, the resistance stays at the 1,821 level, and a bullish breakout of this level could extend the buying trend to 1,832. Alternatively, the selling trend dominates below the 1,808 support level.
On the bearish side, the support stays at the triple bottom level of 1,808. A bearish breakout of this level exposes gold prices towards the next support levels of 1,793 and 1,781 levels.
The 50 day EMA (exponential moving average – red line) holds at the $1,816 level, supporting golds bearish trend. Moreover, the leading indicator, Stochastic RSI, stays below 50, keeping the bearish trend ahead of US unemployment claims. Therefore, the Forex trading market participants may sell below the $1,807 level to target the $1,793 and 1,781 levels. Alternatively, traders can take a buying position above the $1,807 level today.
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