GOLD Analysis – NFP Expected to Make Gold Prices Shake?


 Gold trading on Thursday yesterday showed no significant movement on Thursday yesterday and still invited investors' anxiety with the risk at the end of the week.

The focus is now on the publication of the United States (US) NFP employment data report in the New York session soon and is expected to trigger a drastic movement in gold prices.

The strengthening of the US dollar will suppress the price of gold, while if the US dollar weakens, the price of gold has the potential to rise.

Price movements are observed on the XAU/USD chart which measures the value of gold against the USD dollar over the past week.

There have been several times the price tested the important zone of 2000.00 which became a resistance preventing the price from continuing to higher levels.

Until Thursday yesterday, the price was flat above the 1980.00 zone until the Asian and European sessions today (Friday) with the weekly low level recorded on Wednesday reaching 1970.00.

If the price of gold rises in the trading sessions at the end of this week, the 2000.00 resistance zone will be tested again.

It is not impossible for prices to continue to soar if the US dollar significantly depreciates sharply after the NFP report is published with the price target moving to 2050.00.

Meanwhile, for the forecast for the downward movement of the price, falling below the 1980.00 level will expect the price to go to the RBS (resistance become support) zone at 1950.00.

A break below would signal further declines in next week's trading for gold.