Gold prices are rising for the third day. Investors’ current focus is on US nonfarm payrolls or job update reports. Gold is rising despite the rise in the US dollar.
The Fed’s monetary normalization policy has been the main driving force behind the dollar. Delta Covid’s concerns are hampering global economic recovery. Which is raising the price of the US dollar as a safe currency.
Gold Update and Prediction
Gold’s next move is linked to U.S. NFP data, as U.S. job reports could influence the Fed’s next decision. However, the job data is disappointing, in fact, the price of gold can go up to 1800 levels.
It is expected that the marquee may act as a 1790 resistance in the case of gold, according to the Fibonacci retracement before the job data release. On the other hand, the current support level of Gold is 1780.
The next support could be 1776 and the next pair could go to 1772 lebel support according to 61.8% Fibonacci.
The price of gold has been declining for the last two months in 1750, but it has been trying to rise for the last two days. At present, the price of gold has risen to around 1780. Gold bullish is somewhat lacking as a result of the rise in the price of the US dollar.
There is also growing concerned over the rapid spread of the Delta Covid strain, which is one of the reasons for the fall in gold prices. However, the gold downtrend may be strong again on expectations of the US Nonfarm Payrolls report. Gold’s next direction is towards US nonfarm payrolls and manufacturing reports.
The pair’s current resistance is 1775, with Fibonacci retracement 61.7% on the one-week chart. Fibonacci retracement could be the next resistance in 1884 lebel.
On the other hand, the pair may come at a price of 1765 after crossing 1770. The downtrend could be strong after the week’s low price exceeds the Fibonacci retracement of 61.8% on the one-day chart.