There seems to be some opportunity for gold to move lower if the release is higher than expected, not least because the uptrend that was in place from November of last year might be over. The price seems to have broken through the 50-day moving average from Bollinger Bands and ATR has increased in February so far.
Gold’s negative reaction to the latest NFP was quite strong, so it might be similarly active this afternoon, especially if the actual figures for inflation are more than 0.1% different from the consensus. Given oversold conditions, there might not be extended follow-through on losses if the release is higher and participants expect the Fed to be more hawkish, but the 38.2% weekly Fibonacci retracement could be in view as a support in that situation.
Gold’s negative reaction to the latest NFP was quite strong, so it might be similarly active this afternoon, especially if the actual figures for inflation are more than 0.1% different from the consensus. Given oversold conditions, there might not be extended follow-through on losses if the release is higher and participants expect the Fed to be more hawkish, but the 38.2% weekly Fibonacci retracement could be in view as a support in that situation.