Technical Outlook: Gold Waits Ahead of US NFP Data
Gold prices did not skyrocket, holding steady around $2,300 amid trading pre US Non-Farm Payrolls (NFP) report.
From a technical standpoint, on the daily chart, gold prices are still trading below the Simple Moving Average (SMA) 20 with no significant changes. Furthermore, longer-term moving averages maintain an upward slope but at a slower pace compared to current prices, creating an unclear picture of the market direction.
Lastly, technical indicators also fail to provide positive signals, remaining in negative territory with uneven strength, tilting the risk towards further price declines.
From a technical standpoint, on the daily chart, gold prices are still trading below the Simple Moving Average (SMA) 20 with no significant changes. Furthermore, longer-term moving averages maintain an upward slope but at a slower pace compared to current prices, creating an unclear picture of the market direction.
Lastly, technical indicators also fail to provide positive signals, remaining in negative territory with uneven strength, tilting the risk towards further price declines.
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