Oversold RSI a sign of gold upside to come ?
Updated
XAU/USD FUNDAMENTAL BACKDROP
Gold prices are trading lower for the 8th consecutive trading day as the US dollar remains bid due to some hawkish Fed commentary as well as an upside surprise on yesterday’s US JOLTs job openings statistic. Once again US labor market strength has been reiterated through jobs reports and will surely add pressure from a hawkish perspective. Throughout the week including today (see economic calendar below), markets will be looking to jobs reports beginning with ADP employment change, jobless claims and most importantly Friday’s Non-Farm Payroll (NFP) print. If the JOLTs job openings trend continues, gold prices may breakdown further.
1803 AREA IS A STRONG SUPPORT
Buy @ 1803 SL @ 1875
TP @ 1932 TP @ 1950
Gold prices are trading lower for the 8th consecutive trading day as the US dollar remains bid due to some hawkish Fed commentary as well as an upside surprise on yesterday’s US JOLTs job openings statistic. Once again US labor market strength has been reiterated through jobs reports and will surely add pressure from a hawkish perspective. Throughout the week including today (see economic calendar below), markets will be looking to jobs reports beginning with ADP employment change, jobless claims and most importantly Friday’s Non-Farm Payroll (NFP) print. If the JOLTs job openings trend continues, gold prices may breakdown further.
1803 AREA IS A STRONG SUPPORT
Buy @ 1803 SL @ 1875
TP @ 1932 TP @ 1950
Note
Waiting for Buying signal
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