Today's gold analysis highlights the impact of a bank holiday in London, resulting in reduced trading volume during the session. For traders looking to capitalize on market movements, the New York session presents better opportunities for scalping strategies.
Gold recently retested the zone between 2280 and 2277 before experiencing an upward movement. Traders are advised to monitor if the price breaks below this zone, which could signal potential long-term selling opportunities. During the London session, gold is expected to consolidate as trading activity slows.
Friday's data release revealed disappointing figures for the US dollar, with the Non-Farm Payrolls (NFP), earnings, and unemployment rate all falling below expectations. Despite this, there is a long-term presumption that the XAUUSD pair will continue to rise towards the levels of 2500.00 to 2560.00.
A critical level to watch is 2277.15, as a breakout below this point could trigger a further decline in the pair, potentially reaching levels between 2154.83 to 2019.86. Traders should remain attentive to market movements and key levels to make informed trading decisions.