GOLD price falls on mixed US data and Fed rate hike pause hints

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The XAU/USD gold price has retreated slightly from its all-time high as bullish investors take a pause ahead of the crucial US Nonfarm Payrolls (NFP) report. The Federal Reserve's recent indication of a potential pause in its rate hike trajectory, coupled with Chairman Jerome Powell's cautious remarks, has led to a weakening of the US Dollar and an upward push on gold prices. Mixed US data on Thursday and mounting expectations of a Fed rate hike in September 2023 have further bolstered the price of gold, while concerns over potential banking crises and debt ceiling expiration continue to weigh on XAU/USD traders.

From a technical perspective, the gold price experienced a significant bearish dip, testing the $2,000 mark before recovering to around $2,010. However, the release of the better-than-expected Nonfarm Payrolls report for April caused a surge in the 10-year US T-bond yield, resulting in a drop in XAU/USD. Currently, the price is situated within our zone of interest, located between the 50% and 61.8% Fibonacci levels, which are in conjunction with the previous support area. Our analysis suggests a new pullback towards the main trend, with a long position recommended following the trend in the daily timeframe.

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ملاحظة

Our previous idea of a price drop has materialized within our area of interest.

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تم فتح الصفقة

As we predicted earlier, the price of GOLD grew following also the divergence on the Stochastic Indicator.

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تم فتح الصفقة

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أغلقت الصفقة: تم الوصول للهدف

✅ First Target Reached.