Looking for NFP XAUUSD technical forecast? Stop right here! This insightful outlook from ADS Securities' market analysis team will aid you in your trading.
7 July, ADS Securities – The precious metal traded lower in the last session, as the US Treasury yields rose to its highest level in more than two months.
NFP XAUUSD technical forecast
Currently, Gold is trading in a downward trending channel on the 1H chart, ahead of the US non-farm payrolls data and unemployment data to be released today. In addition, the MACD indicator is trading at a lower level below its midline, further confirming the above stance.
Key support to be watched is located at the $1217 level, followed by the $1213 and $1210 levels. A move back below the latter might lead to increased selling pressure on the yellow metal. On the other hand, key intraday resistance is positioned at the $1225 level, followed by the $1228 and $1232 levels. A break and stability above the latter might lead to upside momentum in Gold.
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