Personally - it shouldn’t be a big surprise that Gold is under strong Selling pressure (Selling swing on every local High) as DX is extending the recovery, Stock markets are near Resistance (which should be Bullish for Gold - adding Buying pressure), while Bond notes are on a Bullish gradient - all correlating assets showing Neutral values on Gold . Regarding Technical developments - I see no space for further Selling and can’t speculate until when these Swings will last - but Gold will, as always follow the cycles and main pointer of a possible Bullish leg is RSI (was near March levels) and much needed Daily chart #MA50 test. It is not wise move to engage a position before the Non-Farm Payrolls, but my analysis always takes in consideration such events and whatever the outcome will be, I placed myself on Medium-term calling for #1,930.80 extension as an Ultimate Top. Statistically, when Gold tests the Resistance #3 times and gets rejected - #4 try is usually most successful one. I expect aggressive rise towards my Target within #2 session. If #1,930.80 gets broken, my estimations show even #1,949.80. The Price-action was under Buying pressure on yesterday’s session and got higher on each Hourly 4 candle but on a slow pace which may be an indicator that the Short-term Buying is almost over/signs of exhaustion. However, I need to see the Hourly 4 #MA200 broken and close the market above it to confirm a Bullish continuation. Like I discussed yesterday with the Daily chart Neutral, I believe Gold is well Supported within #1,880.80 (my Stop-loss). Still, I won’t take risks below that zone as Friday is packed with macro-economic reports which may add the Volatility index and pause the Bullish reversal. I would suggest Traders with smaller margin to sit out today's session. Today's outlook is tricky, but consisting one final push towards #1,930.80. However, if I see a trend change, I won't hesitate to close my Buys on breakeven.
Personally - it shouldn’t be a big surprise that Gold is under strong Selling pressure (Selling swing on every local High) as DX is extending the recovery, Stock markets are near Resistance (which should be Bullish for Gold - adding Buying pressure), while Bond notes are on a Bullish gradient - all correlating assets showing Neutral values on Gold . Regarding Technical developments - I see no space for further Selling and can’t speculate until when these Swings will last - but Gold will, as always follow the cycles and main pointer of a possible Bullish leg is RSI (was near March levels) and much needed Daily chart #MA50 test. It is not wise move to engage a position before the Non-Farm Payrolls, but my analysis always takes in consideration such events and whatever the outcome will be, I placed myself on Medium-term calling for #1,930.80 extension as an Ultimate Top. Statistically, when Gold tests the Resistance #3 times and gets rejected - #4 try is usually most successful one. I expect aggressive rise towards my Target within #2 session. If #1,930.80 gets broken, my estimations show even #1,949.80. The Price-action was under Buying pressure on yesterday’s session and got higher on each Hourly 4 candle but on a slow pace which may be an indicator that the Short-term Buying is almost over/signs of exhaustion. However, I need to see the Hourly 4 #MA200 broken and close the market above it to confirm a Bullish continuation. Like I discussed yesterday with the Daily chart Neutral, I believe Gold is well Supported within #1,880.80 (my Stop-loss). Still, I won’t take risks below that zone as Friday is packed with macro-economic reports which may add the Volatility index and pause the Bullish reversal. I would suggest Traders with smaller margin to sit out today's session. Today's outlook is tricky, but consisting one final push towards #1,930.80. However, if I see a trend change, I won't hesitate to close my Buys on breakeven.