Gold prices declined as the dollar climbed in response to better-than-expected nonfarm payroll statistics. Because of the encouraging job report, the Federal Reserve may continue to hike interest rates by 50 basis points in June or July, dragging gold down.
Gold finished the week just a few pennies higher than 1850$.
On a daily basis, it is above the important support level of 1820. This level is calculated using the long-term rising trendline. Technically, it is bullish as long as daily values maintain above this rising trendline.
The primary support level on a weekly period is 1781. If this level is broken, the bears will seize control of this valuable metal.
Inflation is predicted to help this safe-haven asset, but USD strength is projected to be a drag. As a result, we may expect the move to be range-bound this season, with the bottom boundary from 1780-to 1820 and the higher limit from 1900-to 1920.