GOLD recovers to $3,371, biggest data day of the weekOANDA:XAUUSD maintained its intraday recovery trend and the current gold price is around 3,371 USD/ounce, retesting the initial target increase sent to readers in the weekly publication. In this trading day, investors will focus on the US non-farm payroll data, which is expected to trigger major market movements.
Today (Friday), the US Bureau of Labor Statistics will release the highly anticipated non-farm payroll data for May. The market expects 130,000 new jobs and the unemployment rate to remain unchanged at 4.2%.
On Wednesday, the ADP jobs report, also known as the “mini-non-farm,” showed the smallest number of jobs created by the U.S. private sector in two years. The report could be a precursor to a negative non-farm payrolls report.
Payroll processor ADP reported on Wednesday that private sector payrolls increased by just 37,000 in May, down from a revised 60,000 in April and below the Dow Jones forecast of 110,000. It was the smallest monthly job gain since March 2023, according to ADP.
The U.S. Department of Labor reported on Thursday that initial jobless claims unexpectedly rose last week as concerns about the labor market mounted. The data showed initial jobless claims hit 247,000 in the week ended May 31, up 8,000 from the previous week and above the 236,000 expected in a Dow Jones survey.
If non-farm payrolls data released today is much worse than expected, it could weigh on the U.S. dollar and send gold prices soaring.
Technical Outlook Analysis OANDA:XAUUSD
On the daily chart, after making a fresh weekly high and correcting lower yesterday, gold has recovered to reach its initial target at $3,371, the price point of the 0.236% Fibonacci retracement.
Following the uptrend, gold is likely to head towards the full price point of $3,400 in the short term, rather than $3,435.
Currently, the technical structure has not changed much with the uptrend completely dominating the technical chart. And the notable price points will also be listed as follows.
Support: 3,350 – 3,326 – 3,300USD
Resistance: 3,400 – 3,435USD
SELL XAUUSD PRICE 3412 - 3410⚡️
↠↠ Stop Loss 3416
→Take Profit 1 3404
↨
→Take Profit 2 3398
BUY XAUUSD PRICE 3301 - 3303⚡️
↠↠ Stop Loss 3297
→Take Profit 1 3309
↨
→Take Profit 2 3315
