Gold Hits Two-Week High as Bond Yields Drop US Jobs Data Awaited

6 junTechnical Analysis

The price has successfully followed its bullish trend, reaching our target of 2369.

Today's market continues to exhibit bullish pressure, having stabilized within the bullish trend. As long as the price trades above 2357, it is expected to rise to 2369 and 2377. However, a break below 2357 could lead to a decline towards 2347 and 2344.

• Bullish Scenario: If the price trades above 2357, it will likely continue its bullish trend towards 2369 and 2377. Closing at least a 1-hour candle above 2377 will further support a bullish move towards 2388 and 2397.
  
  
• Bearish Scenario: The price needs to break below 2357 and stabilize beneath this level to indicate a downward trend towards 2347 and 2335.
  
  Pivot Line: 2357
  Resistance Lines: 2369, 2377, 2397
  Support Lines: 2347, 2335, 2227Today's expected price movement range is between the support level of 2347 and the resistance level of 2378.
  
  previous idea:
  
  
  Gold Reaches Two-Week High as Bond Yields Decline; US Jobs Data Awaited
  
  Gold prices surged to a two-week high on Thursday as U.S. bond yields fell, driven by signs of a cooling labor market. This development strengthens the case for a potential interest rate cut by the Federal Reserve in September. Investors are now positioning themselves ahead of the upcoming U.S. non-farm payrolls data.

6 jun

Comentarios

the price reached our target of about +180 pip, and it's still running in their bullish trend especially if can break 2377