Gold climbed toward $1650 despite the hawkish Fed tone. XAUUSD could extend its rebound on bigger than than expected NFP today. Gold price is looking to recover further from two-month lows of $1617 area and targeting $1660. The focus now shifts towards the US Nonfarm Payrolls data. The acceptance above $1650 would validate a triangle breakout, initiating a fresh uptrend towards the $1680 - $1700. However, Gold bulls still need to battle $1674 and the October 13 high of $1683 on the upside. The first support can be found near $1638 and later at $1620 area. We expect Gold to test the resistance area.
Trade closed: target reached