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US spot gold tests new highs as traders focus on USD pullback

Gold climbed above $2360 and continues to move higher.U.S. dollar's pullback and falling Treasury yields provide material support to gold markets.The technical picture is bullish and gold looks ready to test the key resistance at $2390 - $2400.

Gold settled above the $2360 level and continues to move higher ahead of Non Farm Payrolls report, which is expected to show that Non Farm Payrolls declined from 272,000 in May to 190,000 in June.

From a big picture point of view, gold received strong support in the $2295 – $2305 range, which may mark the near-term bottom for gold markets. Previously, traders were worried that China’s Central Bank stopped buying gold when prices were moving towards the $2450 level.

Apparently, there are many buyers when gold pulls back towards $2300, and the price cannot break lower. This situation cannot go unnoticed by speculative players, which may drive demand and push gold back towards historic highs.

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