One of market’s major shocker, non-farm payroll data was published a day earlier on yesterday due to Independence Day. Upbeat data than expected across the board offered power to the dollar, in turn resulted in a huge supply source of gold in the market, causing almost a $20 hourly swing in its price between 1757 and 1774. The product first took a deep dive and retreated rapidly back above the 1770 ground, may the data showed improvement of the U.S. overall economy however, the pandemic status remains a concern to the world and investors where hoarding gold may not be a bad idea.

Large regain and once testing the 1781 resistance level, the price then refrained and has been rather stable and trading sideway ranging from 1773 and 1776 on the hourly chart, waving just above EMA20 and EMA50. Anticipating no major fluctuation until further news on final trade deals between the two biggest economy or Covid-19, which would directly impact the value of the greenback.

Daily pivot point 1771.17

S1 – 1762.59 R1 – 1784.76

S2 – 1749.00 R2 – 1793.34

S3 – 1726.83 R3 – 1815.51

Mid-long-term investors may wish to follow the bullish trend with long entry at 1765.76, stop-loss at 1760 and take profit at 1779.50.

Analyzed by: Mr. Ronald Wu，Independent Analyst