Gold price was sharply down during European trading on Friday, as news that China’s central bank paused gold purchases last month after buying the yellow metal for 18 straight months.
XAU/USD The price pulled back from new three-week high , losing around 1.7% of its value in European session. Fresh weakness neutralized initial positive signal, generated on Thursday’s close above the recent range top, as well as pivotal barriers at $2363/66 and shifted near-term focus to the downside.
Key near-term support comes under pressure again, with overall still negative picture on daily chart increasing risk of eventual breach to the downside after recovery stall and subsequent weakness. US jobs report is expected to provide strong direction signal and to be another key driver of gold’s price today. Res:2347; 2362; 2387; 2398. Sup:2312; 2300; 2277; 2222. Interested in XAU/USD technicals? Check out the key levels R3 2410.14 R2 2394.37 R1 2385.06 PP 2369.29 S1 2359.98 S2 2344.
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