XAUUSD Technical Analysis – May 04, 2021

Gold rose on Monday, and the technical bias is bullish due to higher highs in the recent uptrend.

Gold is currently trading at around 1791 US dollars/100 ounces, and multiple resistance levels can be seen above, which may prevent the price from rising further.

  • Resistance level 1: 1815.000
  • Resistance level 2: 1855.000
  • Resistance level 3: 1895.000

Below the price, multiple support levels can be found which may help the price stay above it. 

  • Support level 1: 1760.000
  • Support level 2: 1724.000
  • Support level 3: 1675.000

The United States will release the April non-agricultural employment report, predicting that the number of new jobs will be 980,000. Higher number of new jobs will be beneficial to the US dollar, so it is negative for Gold, and vice versa. 

Given the current price trends and economic development, buying gold near the current level may be a good trading option.