Just looked at the gold chart this morning. I see that XAUUSD has stayed above the EMA 200 at $4,711 for the first time in a month. The price surged by $200 in just 4 days from the low of $4,521 last week.



After analysis, there are three main factors. First, hopes for a resolution of the Iran deal are near completion, causing oil prices to drop and reducing inflation concerns. Second, bond yields have decreased from 4.4% to 4.2%, lowering the cost of holding gold. Third, RSI has recovered from oversold levels while the price made a lower low, indicating a bullish divergence.

For today’s gold forex analysis, if the NFP report comes in weaker than expected and wages are not accelerating, gold is likely to break through $4,750 and test $4,800. But if the NFP is strong, the price may fall back below $4,668. Currently, the price is fluctuating within the range of $4,711–$4,750. I want to see the employment figures first.
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