Buyers could retain control in the near term on a close above the recent highs, FXStreet’s Dhwani Mehta reports.“The US economy is seen adding 325K jobs in May vs. 428K booked in April. A downbeat print is likely to add to the recent series of discouraging, rekindling slowdown concerns while ruling out aggressive Fed tightening expectations in the near term. This could render negative for the dollar, which could help the yellow metal regain its upside traction.
“If sellers fight back control on an upside surprise to the NFP figure, then XAUUSD could retreat towards the $1,850 psychological level. Further down, the horizontal 21-DMA at $1,846 could come into play. The 200-DMA at $1,841 could help limit the corrective decline in the near term. The last line of defense for gold bulls is the rising trendline support at $1,834.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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