📣World Situation:
Gold prices fell for the second consecutive trading day on Friday, but are still expected to close with a gain of more than 1.30% as traders readjusted expectations for Fed policy easing after a stronger-than-expected US non-farm payrolls report. At the time of writing, XAU/USD was trading at $3,322, down 0.84% on a daily basis.
The US Bureau of Labor Statistics (BLS) reported that the labor market continued to show resilience, with the unemployment rate remaining stable from April. Meanwhile, Wall Street rebounded modestly from Thursday's losses despite increased political tensions between President Donald Trump and Tesla CEO Elon Musk after the House of Representatives approved a bill to raise the US debt ceiling.
Next Wednesday: ① Data: API crude oil inventory in the United States for the week ending June 6, US May unadjusted CPI annual rate, May seasonally adjusted CPI monthly rate, May seasonally adjusted core CPI monthly rate, May unadjusted core CPI annual rate, pay attention to real-time data changes.
Geopolitical risks and trade tensions have eased, and the call between Chinese and American leaders has released a signal of easing. Trump said that the trade negotiations have reached a "positive conclusion", weakening the attractiveness of gold as a safe-haven asset.
🔥 Technical side:
Based on the resistance and support levels of gold prices on the 4-hour chart, NOVA sorted out the important key areas as follows:
Resistance: $3347, $3400
Support: $3252, $3202
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.