MTradingGlobal

Gold sellers look for conviction ahead of US NFP

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
After breaking an ascending support line from late June, now resistance, gold bears battle 200-HMA amid cautious market sentiment ahead of the US Nonfarm Payrolls (NFP) data. It’s worth noting that the sluggish MACD and downbeat RSI adds to the trading filters. Even so, hawkish expectations from the data may firm the tapering woes and back gold sellers should they manage to conquer the immediate support of $1,799. It’s worth noting that the 23.6% Fibonacci retracement will raise bars for the commodity’s further downside near $1,789, a break of which will recall $1,765 and $1,750 to the chart.

It’s worth noting that a negative surprise, followed by a sustained run-up beyond the support-turned-resistance near $1,805, will aim for the triple tops around 50% Fibonacci retracement level, close to $1,834. In a case where the gold buyers manage to cross $1,834, the mid-June’s swing high, close to $1,869, as well as the $1,900 round figure, will be on their radars.

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