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Gold is posting strong gains today, with falling U.S. Treasury yields following a much weaker-than-expected U.S. Nonfarm Payrolls (NFP) report providing a significant boost to sentiment across the precious metals market. Friday’s session is delivering another strong bullish impulse for gold prices.
GOLD chart (D1 timeframe)
Gold climbed to around $4,350 per ounce today, where it is testing the 200-day Exponential Moving Average (EMA200, red line). From a technical perspective, this is a key resistance level that is often viewed as the line separating a long-term bullish trend from a bearish one. If gold closes today’s session above the EMA200, it would mark the first daily close above this indicator since June 4. The metal has already rebounded more than 10% from its recent local low, although it still trades roughly 20% below its all-time high of $5,600 per ounce. The next major resistance levels are located around $4,700 and the psychological $5,000 per ounce mark. On the downside, the $4,100 area remains an important support zone, having recently served as the starting point for the latest strong upward move.
Source: xStation5
