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Forex

Gold price forecast - XAUUSD momentum remains weak and bearish

Squared Direct | Jul. 8, 2019
Gold price forecast - XAUUSD momentum remains weak and bearish

July 8, 2019 | SQUARED DIRECT - The XAUUSD pair came under strong bearish pressure during Friday’s late session and dropped below the critical $1400 mark.

The highly-anticipated labour market data from the US showed that non-farm payrolls in June increased by 224,000 following May's reading of 72,000 and came in much better than analysts' estimate of 160,000. Although further details of the report revealed that the unemployment rate ticked up to 3.7%, the greenback didn't have a difficult time gathering strength.

There won't be any macroeconomic data releases from the US in the remainder of the day and the pair is unlikely to stage a meaningful recovery in the current market atmosphere.

Gold price technical forecast

Gold prices took a beating during Friday’s session breaking below the $1400 mark to reach $1386.49 level before rebounding and settling just below the $1401.62 resistance level.

The price is currently unchanged, however, the momentum is still weak and bearish as the RSI points out. We will be focusing on the downside and the $1382.76 level will be on our watch for the next 48 hours.

Support: 1392.88 / 1382.76
Resistance: 1401.62 / 1410.78

Chart (H4)

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