GOLD Analysis – Gold Price Continues to Rise After NFP Data Release!

<p>&nbsp;Investors happy with gold's move last week?</p><p><br /></p><p>The closing of the last trading session last Friday saw a rapid movement in gold prices influenced by the market's reaction to the publication of the United States (US) NFP employment data report.</p><p><br /></p><p>The US dollar experienced a decline in its trading value as US job growth in June was lower than forecast.</p><p><br /></p><p>Even the record of 209,000 which decreased from 306,000 the previous month, was the smallest increase since December 2020.</p><p><br /></p><p>Following this, gold prices surged as the initial reaction to the gloomy reading in the report.</p><p><br /></p><p>On the XAU/USD price chart which measures the value of gold against the US dollar, the price witnessed a surge breaking through the 1920.00 level to reach a height of 1935.00.</p><p><br /></p><p>However, as the market approached the close of the last session of the week, the price retreated slightly and ended around 1925.00.</p><p><br /></p><p>Continuing the trading at the beginning of this week, the price was seen to drop slightly towards the 1920.00 level, but bounced back up again at the beginning of the European session.</p><p><br /></p><p><br /></p><p>The price movement that is still above the Moving Average 50 (MA50) support level on the 1-hour time frame on the XAU/USD chart still suggests an upward trend.</p><p><br /></p><p>If the increase continues at the beginning of this week, the price will reach the high level last Friday.</p><p><br /></p><p>The next 1940.00 zone will try to be crossed before the price resumes its rise to the target level of 1950.00.</p><p><br /></p><p>However, if the price dips below 1920.00 and breaks through the MA50 support, the price is seen to be more likely to make a lower decline.</p><p><br /></p><p>The price support zone at 1900.00 will again be the focus to be tested after the end of last June's trading, the price tested it but did not continue to move lower.</p>