03.06.202212:08 Forex Analysis & Reviews: Technical review for XAU/USD: gold awaits the release of US employment report

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Gold traded with little change on Thursday, just above 1863.50, ahead of the release of the latest employment report in the US. The market's reaction may be mixed, but the preservation of yesterday's positive sentiment will lead to a further price increase, while a change will lead to a decline.

Technical picture:

The quote is above the middle line of the Bollinger indicator, below the SMA 5 and SMA 14. The relative strength index (RSI) is under the overbought zone, similar to the stochastic indicator.

Possible dynamics:

A rise and consolidation above 1873.35 may provoke a further increase to 1893.40, while a decline and consolidation below 1863.50 will lead to a deeper fall to 1841.65. The second scenario has a higher chance of occuring.

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