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Gold price consolidates above $1410.78 ahead of NFP report

Squared Direct | Jul. 5, 2019
Gold price consolidates above $1410.78 ahead of NFP report

July 5, 2019 | SQUARED DIRECT - As expected, Thursday's market action didn't offer any trading opportunities as the thin trading volume forced major pair and commodities to stay stuck in tight ranges. Although the pair started the week under pressure amid the sharp rebound seen in the US Treasury bond yields, revived concerns over an economic slowdown following cautious remarks from ECB and BOE officials helped the precious metal gather strength against currencies.

Today, the NFP report published by the US Bureau of Labor Statistics will be watched closely by the market participants. A strong rebound in the NFP and a higher-than-expected reading could cause markets to start doubting a rate cut at the end of this month and help the greenback gather strength and vice versa.

Gold price technical analysis

Gold prices pulled away from multi-year highs during Wednesday’s session after a fail attempt to break above it and consolidated comfortably above the $1400 mark. The price is currently trading above the $1410.78 support level with a descending momentum. If the near support level is violated to the downside, then we will be focusing on the $1401.62 support level.

Support: 1410.78 / 1401.62
Resistance: 1422.591 / 1435.81

Chart (H4)

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