Gold: staging an upswing

Fundamental Analysis.

Thursday (June 1) "small non-farm payrolls" exceeded expectations but can not stop with the Fed in June to suspend interest rate hikes expected to heat up, the dollar and U.S. bond yields fell back, spot gold once on the 1980 mark, a new high since May 24, and finally closed up 0.78%. Looking ahead to the market, the day non-farm payrolls data for the focus of attention, if non-farm payrolls again exceeded expectations for the better, the Fed rate hike is expected to cause changes, thus affecting the gold price trend.

Spot gold XAUUSD four-hour chart

Technical analysis.

4 hours chart, gold in 1955 above the further counterattack, up to 1983 near, the current support continue to focus on 1955, MACD volume above the zero axis neat release, above 1955 bullish, break 1983 then look to 2000 near.

Resistance:1983 2000

Support level:1955 1940

Trading strategy: bullish above 1955, target 1980 2000

Alternative strategy: below 1955 bearish, target 1940 1920