Gold Boosted By Poor NFP!

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RESULTS

Gold rallied right after the Non-Farm Payrolls data was released. As you already know, the indicator was reported at 235K in August versus 720K expected and compared to revised 1053K in July.

The bias was still bullish before the US data release, so I needed confirmation before going long again. The Unemployment Rate dropped from 5.4% to 5.2% as expected, while the Average Hourly Earnings increased by 0.6% beating the 0.3% expected.

Later today, the US is to release the ISM Services PMI which is expected to drop from 64.1 points to 61.9 points, a larger drop could be bad for the USD and could lift XAU/USD.

XAU/USD Technical Analysis!

Gold has registered an aggressive breakout through the triangle’s resistance and above 1,823.27. Now is pressuring the 1,823.27 level former high. Making a valid breakout through this level could signal further growth.

The price has moved sideways before retesting the uptrend line. So, the temporary range could represent a continuation pattern.

Conclusion!

Gold could resume its growth if it validates its breakout above 1,823.27 former high. Making a new higher high could activate an upside continuation.

 

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