This week, the price of 
XAUUSD fell sharply from $3,345/oz to $3,268/oz after the FED Chairman said that the FED has no plans to cut interest rates at the upcoming September meeting. However, at the end of the week, the US Bureau of Labor Statistics announced that the number of non-farm jobs (NFP) in the US reached only 73,000 jobs in July, much lower than the forecast, and the unemployment rate increased higher, up to 4.2%. This pushed the price of gold up sharply from $3,281/oz to $3,363/oz.
The weak labor market has significantly changed expectations for the Fed's interest rate.
With a relatively light economic data calendar next week, investors will continue to monitor Friday's jobless claims report. Meanwhile, some analysts predict that the risk of global economic uncertainty after President Donald Trump announced new tariffs will continue to boost safe-haven demand for gold.
📌Technically, the resistance level for gold next week will be the round resistance of 3,400 USD/oz, followed by 3,440 USD/oz. Meanwhile, the support level is around 3,268 USD/oz.
Perspective on the H4 chart, gold is currently in a corrective recovery cycle testing the Trendline, it is likely that early next week there will be an increase around 3375 and then a correction decrease again.
Notable technical levels are listed below.
Support: 3,323 – 3,310 – 3,300USD
Resistance: 3,371 – 3,400 – 3,430USD
SELL XAUUSD PRICE 3394 - 3392⚡️
↠↠ Stop Loss 3398
BUY XAUUSD PRICE 3310 - 3312⚡️
↠↠ Stop Loss 3306
XAUUSD fell sharply from $3,345/oz to $3,268/oz after the FED Chairman said that the FED has no plans to cut interest rates at the upcoming September meeting. However, at the end of the week, the US Bureau of Labor Statistics announced that the number of non-farm jobs (NFP) in the US reached only 73,000 jobs in July, much lower than the forecast, and the unemployment rate increased higher, up to 4.2%. This pushed the price of gold up sharply from $3,281/oz to $3,363/oz.The weak labor market has significantly changed expectations for the Fed's interest rate.
With a relatively light economic data calendar next week, investors will continue to monitor Friday's jobless claims report. Meanwhile, some analysts predict that the risk of global economic uncertainty after President Donald Trump announced new tariffs will continue to boost safe-haven demand for gold.
📌Technically, the resistance level for gold next week will be the round resistance of 3,400 USD/oz, followed by 3,440 USD/oz. Meanwhile, the support level is around 3,268 USD/oz.
Perspective on the H4 chart, gold is currently in a corrective recovery cycle testing the Trendline, it is likely that early next week there will be an increase around 3375 and then a correction decrease again.
Notable technical levels are listed below.
Support: 3,323 – 3,310 – 3,300USD
Resistance: 3,371 – 3,400 – 3,430USD
SELL XAUUSD PRICE 3394 - 3392⚡️
↠↠ Stop Loss 3398
BUY XAUUSD PRICE 3310 - 3312⚡️
↠↠ Stop Loss 3306
Note
Last Friday (August 1), spot gold prices rose 2.23% to a one-week high of $3,363.37/ounce as a weaker-than-expected US non-farm payrolls report for July, coupled with concerns over new tax policies from the Trump administration, boosted demand for safe havens.Note
Note
Spot gold today, after consolidating at high levels, has now rebounded ahead of the US session and reached $3,370. In terms of actual buy/sell orders, 50.7% of orders were buy and 49.3% were sell, indicating that the sentiment is still slightly bullish.Note
▫️Spot gold hit $3,380 an ounce, up 0.19% on the day.Note
🔴Spot gold surpassed the threshold of 3,390 USD/ounce, up 0.48% on the day.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.