Gold bulls fight back control despite risk-on mood. Firmer European stocks exacerbate the pain in the US dollar. All eyes on the US NFP report for fresh direction in gold. Gold (XAU/USD) buyers are seeing some fresh signs of life in the European session this Thursday, courtesy of the risk-on rally in the European stocks that intensified the selling pressure around the greenback. The haven demand for the US dollar was destroyed, as investors shunned safety in favor of the higher-yielding/ risk assets such as the equities, US stock futures and oil. This, in turn, rescued the XAU bulls after they witnessed a massive slump on Wednesday. The yellow metal hit a three-day low of 1759.26, eroding $30 from eight-year highs of 1789.28 reached a day before, despite the sell-off in the US currency. The traditional safe-haven tumbled after solid US Manufacturing PMIs and promising coronavirus vaccine results re-ignited hopes for a quick economic rebound. Heading into the US NFP showdown, gold looks to extend its recovery mode, as the buyers remain expectant of not so encouraging US jobs data amid a resurgence of the virus in the country. An upbeat June NFP number, i.e, above +3000K, could revive the recent corrective downside in the precious metal. Gold technical levels The Technical Confluences Indicator shows that a cluster of support levels are seen around $1765, which could continue to limit the downside. To the upside, the next significant hurdle is aligned around $1778-79 region, the intersection of the previous week high and Fibonacci 61.8% one-day. Gold additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD to face tough barrier at 0.6977 on a break of 0.6944 – Credit Suisse FX Street 3 years Gold bulls fight back control despite risk-on mood. Firmer European stocks exacerbate the pain in the US dollar. All eyes on the US NFP report for fresh direction in gold. Gold (XAU/USD) buyers are seeing some fresh signs of life in the European session this Thursday, courtesy of the risk-on rally in the European stocks that intensified the selling pressure around the greenback. The haven demand for the US dollar was destroyed, as investors shunned safety in favor of the higher-yielding/ risk assets such as the equities, US stock futures and oil. This, in turn, rescued the XAU bulls after… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
