Gold buyers remain hopeful above 1,804 key support, US NFP eyed
Despite multiple failures to break 61.8% Fibonacci retracement of June–August downside, not to forget the double-tops marked in July, gold prices stay above 100-day and 200-day EMA confluence amid firmer RSI and MACD conditions. The same keeps the buyers hopeful to mark one more effort to cross the key Fibonacci hurdle and double tops, respectively around $1,822 and $1,832–34. It should be noted, however, that the metal’s upside past $1,834 will aim for early June’s low surrounding $1,855 before welcoming the gold bulls.
On the contrary, a surprisingly strong US Nonfarm Payrolls (NFP) data will renew Fed tapering concerns and weigh on the gold prices. The same could drag the quote below $1,804 key support. However, the bears may wait for a confirmatory break of the $1,800 threshold to aim for August 19 swing low near $1,775. During the commodity’s further weakness past $1,775, June’s low of $1,750 should return to the chart before signaling any corrective pullback.
On the contrary, a surprisingly strong US Nonfarm Payrolls (NFP) data will renew Fed tapering concerns and weigh on the gold prices. The same could drag the quote below $1,804 key support. However, the bears may wait for a confirmatory break of the $1,800 threshold to aim for August 19 swing low near $1,775. During the commodity’s further weakness past $1,775, June’s low of $1,750 should return to the chart before signaling any corrective pullback.