Gold, Silver, and AUD/USD Technical Analysis Insights for Market Traders Ahead of US Nonfarm Payrolls

Gold Technical Analysis

Gold (XAU) is currently correcting lower after an overbought market reaction. The price remains within an ascending broadening wedge, staying above both the 20-day and 50-day simple moving averages (SMA). This uptick establishes an overall bullish sentiment, even as corrections occur towards critical support levels such as the yellow dotted trendline intersecting the 20 SMA.

Gold 4-Hour Chart Analysis

• Resistance peaked at $2,685.64 last week.
• Support holds at midline ($2,630) and lower channel ($2,582).

Silver Technical Analysis

Silver (XAG) has broken out of a descending broadening wedge but remains challenged at the $32.50 resistance mark. If prices stay above the 20 SMA, the overall bullish trend remains intact.

Silver 4-Hour Chart Details

• Immediate support seen around $30.40 and $29.

AUD/USD Technical Analysis

The Australian Dollar (AUD) sees upward momentum influenced by strong gold prices. The currency has shown resilience, breaking above key resistance levels indicated by the Adam and Eve pattern on the daily chart.

AUD/USD 4-Hour Chart Performance

• Current support identified at $0.6850.
• Short-term resistance sits at $0.70.

Traders should monitor upcoming economic data closely as it will likely demand attention particularly towards gold, silver, and AUD/USD fluctuations.