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Gold Forecast: XAU/USD looks north amid light trading, focus shifts to US NFP

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Gold News

XAUUSD,Fed,Commodities

Gold price is looking to extend the previous upsurge early Thursday, sitting at the highest level in over a week near $2,360.

Gold price sits at eight-day highs at $2,365 amid a US holiday-thinned trading. Downbeat US data keep the US Dollar and the Treasury yields undermined. Gold price charted a range breakout after settling Wednesday above the 50-day SMA. The daily RSI holds firm well above the 50 level, backing the Gold price upside. Sustained US Dollar weakness alongside sluggish US Treasury bond yields underpin Gold price amid the July 4 US holiday-thinned market conditions.

Gold price technical analysis: Daily chart As observed on the daily chart, Gold price broke this week’s consolidation to the upside after closing Wednesday above the key 50-day Simple Moving Average , then at $2,338. The bullish breakout gained momentum, as Gold price also took out the falling trendline resistance at $2,353 on a daily closing basis. The 14-day Relative Strength Index pierced through the 50 level for upside, reinforcing the bullish interests.

 

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