Prior Support Tested as Resistance

Gold continued its retreat, falling to new retracement lows before finding support at 1,929. Today's decline has completed a 61.8% Fibonacci retracement. It will become clear what happens next. Below today's lows, gold will move towards potential support near the lower uptrend line along the 127.2% Fibonacci extension of the descending ABCD pattern near 1,922. Alternatively, the retracement could be completed if the daily close rises above today's high of 1,939. The range is relatively tight today, reflecting slowing momentum.

Today's high of 1,939 is testing the resistance of the 100-day EMA and gold has broken below yesterday. The 100-day moving average has been seen as support or resistance in the market several times over the last 10 waeeks. I would like to keep an eye on it in the future. It is currently 1,941. Gold has not only broken below the 100-day moving average, it has also broken below the two inner uptrend lines, closing below them yesterday and likely to do so today.

XAUUSD BUY 1933- 1935

✅ TP1: 1940
✅ TP2: 1947

❌ SL: 1929

Comment:

+40 Pips ✅✅✅

Trade active:

Comment:

Gold prices looked set to post their worst week in six on Friday as investors braced for a closely watched U.S. jobs report after a string of solid economic data this week drove Treasury yields to nine-month highs.

Spot gold
was little changed at $1,935.07 per ounce by 0412 GMT, while U.S. gold futures
rose 0.1% to $1,970.30.