- XAU/USD remains sidelined above the 1690/1700 support zone.
- The level to beat for bulls is the 1740 resistance.
- NFP for April is less dramatic than forecast by analysts.
XAU/USD four-hour chart
XAU/USD is consolidating the bullish recovery started mid-March as the market trades above the 1690/1700 support zone and above the main SMAs on the four-hour chart. The bullish bias on gold stays intact with bulls eyeing a decisive break above the 1740 level on a daily closing basis which may open the doors toward the 1780/1800 resistance zone. Meanwhile, the NFP report for April reveals the loss of 20,500k jobs vs. -22,000k forecast by analysts, slightly less dramatic than anticipated.
Additional key levels
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