Gold bears eye $1,756 as market braces for US NFP
Despite marking a corrective pullback from a monthly low, gold prices remain below the key hurdles, namely an ascending trend line from August and a convergence of 50, 100 and 200 DMAs. The same joins downbeat RSI line and recently bearish MACD signals to keep gold sellers hopeful. That said, March’s high and April's low, around $1,756, seem to be at a hand’s distance. However, 23.6% Fibonacci retracement of January-August downside and September’s bottom, respectively around $1,736 and $1721, could challenge the quote from reaching the $1,700 threshold.
Meanwhile, the support-turned-resistance line near $1,788 precedes the stated DMA confluence of $1,792 to challenge short-term gold buyers. Following that, the $1,800 round figure and the 50% Fibo. level of $1,813 may entertain them before directing the upside moves to $1,834 horizontal area comprising tops marked in July and September. In a case where the gold bulls manage to cross the $1,834 level, the yearly resistance line near $1,862 will be in focus.
Meanwhile, the support-turned-resistance line near $1,788 precedes the stated DMA confluence of $1,792 to challenge short-term gold buyers. Following that, the $1,800 round figure and the 50% Fibo. level of $1,813 may entertain them before directing the upside moves to $1,834 horizontal area comprising tops marked in July and September. In a case where the gold bulls manage to cross the $1,834 level, the yearly resistance line near $1,862 will be in focus.