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Gold Still Shining after the Positive US Jobs Data

USD gained across the board after way-better-than-expected US jobs data. The NFP showed 288K jobs added in June, way more than the forecast of 214K. 


gold (xauusd) 4h chart

A strong USD pulled gold (XAU/USD) back to the consolidation area that it had broken last week. This dip invalidates last week's breakout and keeps xau/usd in consolidation, but the bullish bias remains as long as price holds above that 1306 consolidation low. Below 1305, there is downside toward 1290, and a rising trendline from June. 

If price can hold aboev 1306, the 1330-1332 resistance remains pressured but an intact bullish trend. Above 1333, we see 1342.40 as the next level to monitor for resistance. Above that, the 1350-1355 area has some common resistance. 


gold (xauusd) daily chart

Even though the RSI is elevated, note that it can stay near 70 during an uptrend, as evidenced by price action and RSI readings in February-March.