Key Points
- There was a decent rise in Gold price above $1315 against the US Dollar.
- There is a major contracting and ascending triangle pattern with resistance near $1328 forming on the hourly chart.
- Recently in the US, the nonfarm payrolls for August 2017 report was released by the US Department of Labor.
- The outcome was below the forecast of 180K, as the NFP count was 156K.
Gold Price Technical Analysis
This past week was decent for Gold, as there was a rise in prices above the $1300 handle against the US Dollar. The price even succeeded in breaking many resistances like $1300, $1310, $1320 and the 21 hourly simple moving average.
The price traded as high as $1328.6 before starting a correction. At the moment, there is a major contracting and ascending triangle pattern with resistance near $1328 forming on the hourly chart.
As long as the price is above the $1320 support levels, there is a chance of it clearing $1328. The next major upside hurdles sits at $1335 where sellers might emerge and protect gains.
US Nonfarm Payrolls
Recently in the US, the nonfarm payrolls for August 2017 report was released by the US Department of Labor. The market was positioned for a rise of 180K compared with the last 209K.
The actual result was below the forecast of 180K, as the NFP count was 156K. The last reading was decreased from 209K to 189K. Moreover, the US Construction Spending for July 2017 was released by the US Census Bureau. The outcome was again disappointing, as there was a decline of 0.6%, compared with the forecast of 0.5%.
Overall, there is a chance of Gold price spiking above $1328 for further gains in the near term.
