After robust payroll data last week, gold prices tumbled the most in a single day in the last two months. The prices of gold dipped below the $1700 mark on Monday morning for the first time in the last five months. Higher employment data suggests that in the coming months the US rate policy will start tightening. The strong US dollar Index and hawkish comments from the US federal reserve are also putting pressure on the precious metals counter.
Technically, on a weekly basis, the 61.8% retracement area of $1720 will be the key area to watch for the week, below that, the next support will be near to the $1680-70 area and major retracement support is near to the $1613 level. However, after heavy downfall movement, it may show heavy volatility in both directions. On the higher side, prices might attempt to gain $1780 and $1800 levels. $1800-$1830 will be the trend deciding zone for the coming few weeks, considering that it has reversed many times from the same levels.
EUR/USD ended the last week on a negative bias. Throughout the last two months, the pair is making a lower low and lower high on the daily chart, suggesting it will continue with bearish momentum. Strong US payroll data and a higher US bond yield are putting pressure on the EUR/USD. The pair is trading almost near its major support area of 1.17 area, which has not been broken for the last four months. If it breaks the 1.17 level, it might tumble up to 1.16 and 1.1540 area. While on the higher side, it might face resistance near levels 1.1850 and 1.1900.
Bitcoin continued to end the last three weeks on a positive note. Cryptocurrency major pair BTC/USD started the week by trading above the weekly 20MA of $43170 and made a high near its resistance area of $45000. On a daily basis, prices are attempting to cross its 100 SMA of $44046. On the higher side, it might face resistance near to $46950, while $48000 will be the trend deciding the level for the BTC/USD. On the other hand, $42000 will provide immediate support below that it might test 38.2% Fibonacci retracement levels of $41500 and the major channel support will be near to the $39000 area.
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