Gold Price Technical Analysis


Nonfarm payrolls will hit the news wire at the start of New York trading. The report is expected to show a gain of 190,000 jobs for the month of March. In the meantime, how does the yellow metal trade today? Gain insight into this 6 April Gold Price Technical Analysis.

6 April, GKFX –  Gold has witnessed a solid two-way business in the previous two trading sessions, as markets stand divided on whether the US and China are cruising towards full-blown trade war or merely adopting a tough stance to bring the other party to the negotiating table.

Wage growth number will likely overshadow payrolls

However, in a larger scheme of things, the yellow metal lacks direction and awaits a convincing bull flag breakout.

The treasury yields and the US dollar will likely take a beating, sending the yellow metal above the flag resistance if the US March average hourly earnings print well below the estimates. On the other hand, a super strong number could push gold prices down to recent lows below $1,310.

Meanwhile, the Powell speech risks turning out to be a non-event, if the central bank chief defends the gradual rate hike path as expected. However, the metal may run into offers if Powell sounds hawkish.

6 April Gold Price Technical Analysis

A convincing move above $1,352 would confirm a bull flag breakout and open the doors to $1,366 (January high) and $1,375 (July high). On the downside, a move below $1,318 (100-day moving average) could yield a pullback to $1,307 (March 20 low) and $1,300 (psychological level).

Disclaimer

This article 6 April Gold Price Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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