Gold New York Price Forecast: XAU/USD holds steady near $1720/oz after NFP

 

 

 

 

XAU/USD is consolidating the bullish recovery started mid-March as the market trades above the 1690/1700 support zone and above the main SMAs on the four-hour chart. The bullish bias on gold stays intact with bulls eyeing a decisive break above the 1740 level on a daily closing basis which may open the doors toward the 1780/1800 resistance zone. Meanwhile, the NFP report for April reveals the loss of 20,500k jobs vs. -22,000k forecast by analysts, slightly less dramatic than anticipated.