XAU/USD Current price: 3,214.00 $
- The de -escalation of global commercial tensions supported the demand of the US dollar.
- Wall Street extends its recovery on Wednesday in little active market conditions.
- XAU/USD quotes in new two -week minimums just above the $ 3,200 brand.
The price of gold fell slightly on Thursday, quoting at new two -week maximums just above the 3,200 $ brand. The decay of global commercial tensions supported the demand of the US dollar (USD) despite the first level mixed figures published in the last two sessions. The actions also benefited from the best mood, with Wall Street extending Wednesday’s rally.
Most of the Asian and European markets were closed in the middle of the celebration of Labor day, but those of the United States (USA) worked normally. The country published some mixed data, since the initial applications for unemployment subsidy for the week that ended on April 26 increased by 241K, worse than the early 224K and the previous weekly figure of 223K. The purchasing managers index (PMI) of the April ISM manufacturing, on the contrary, stood at 48.7, lowering the 49 recorded in March, but better than the expected 48.
Earlier in the day, US President Donald Trump highlighted the progress in conversations with some Asian countries, including India and Japan. As for China, Trump declared that there is a “very good” possibility of reaching an agreement with China, although he added that any agreement with Beijing must be in terms of USA. Meanwhile, a medium backed by Beijing reported Thursday that US officials have contacted their Chinese counterparts for conversations.
Finally, the White House commercial advisor, Peter Navarro, minimized the data, saying: “I have to say only one thing about today’s news, that is the best negative figure that I have seen in my life”, while claiming that he likes “where we are now.”
The week will end with the publication of the US Non -Agricultural Payroll (NFP) report, new jobs in April will have added 130K. However, employment -related data before the NFP report suggest a weak reading, which could weigh on the USD.
Xau/USD’s short -term technical perspective
From a technical point of view, Xau/USD’s daily chart shows that the risk is inclined down. The torque has dropped for three consecutive days, drilling a simple mobile (SMA) of 20 lightly bullish days that is currently around 3,232.10 $. The SMAS of 100 and 200 days maintain their ascending slopes well below the current level, however, the technical indicators are directed firmly to the south, approaching their middle lines from above. The seller interest seems to be strong, and a break below $ 3,200 should open the door to a continuous fall.
In the short term, and according to the 4 -hour graph, the Xau/USD torque is prepared to extend its fall. After finding vendors around a slightly bullish 20 SMA, gold fell below its 100 -day SMA, which, anyway, maintains its upward slope. Finally, the technical indicators resumed their falls within negative levels, anticipating lower minimums ahead.
-Support levels: 3,200.00 $ 3,188.30 $ 3,176.40 $
Resistance levels: 3,232.10 $ 3,245.20 $ 3,261.70 $
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