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market analysis

Gold prices fall by more than 1% as strong U.S. jobs data drives the dollar up

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Hello everyone, today XM Forex will bring you "[XM Forex Platform]: Gold prices fell by more than 1% due to the strong U.S. employment data, driving the US dollar to rise." Hope it will be helpful to you! The original content is as follows:

Gold prices cut some gains after rising Monday, and fell more than 1% on Tuesday as U.S. employment data showed that the labor market remains tight. Meanwhile, the overall strength of the dollar puts pressure on earnings metals. Gold/USD traded at $3,348 after hitting a daily high of $3,392.

Investor sentiment turned optimistic after the release of the latest U.S. Job Vacancies and Labor Movement Survey (JOLTS), which showed a sharp rise in job openings in April. The data is positive, just as the weekly busy employment data is about to be released. On Wednesday, employment changes in the country are expected to improve in May’s automated data processing (ADP), followed by Friday’s non-farm employment data.

The gold price fell due to rumors that US President Donald Trump may speak with Chinese President Xi Jinping. Last week, Trump announced that China had violated a trade deal reached in Switzerland. He then increased tariffs on global steel and aluminum, planning to increase tariffs from 25% to 50%, and will take effect on June 4.

The European xmserving.commission is pressuring the United States to reduce tariffs. Instead, the Trump administration urged trading partners to submit revised quotes by Wednesday to speed up trade negotiations.

Atlanta Federal Reserve Bank President Rafael Bostic said the best monetary policy approach at present is "patience", and he still expects to cut interest rates only once this year.

XAU/USD Technical Outlook: Gold breaks through $3,350, long target $3,400

Although gold prices fall from about $3,400, the upward trend remains unchanged. The current downward phase may be a great buyer due to the overall bias of gold/USDOpportunity, they might aim for $3,400. Once broken, this level will pave the way for testing critical resistance levels.

The first support level is the May 7 high of $3,438. After the breakout, $3,450 will be the psychological level, followed by an all-time high (ATH) $3,500.

In contrast, if gold falls below $3,300, the seller may push gold/USD toward the test 50-day simple moving average (SMA) $3,235, followed by a support-turned April 3 high of $3,167.

The above content is all about "[XM Forex Platform]: Gold prices fell by more than 1% due to the strong US employment data, driving the US dollar to rise". It was carefully xmserving.compiled and edited by the editor of XM Forex. I hope it will be helpful to your trading! Thanks for the support!

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