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200-EMA defends Gold buyers on US NFP dayGold stays on the bear’s radar as it reverses the previous weekly gains, the first in five, ahead of the all-important US employment report for February. It’s worth noting, however, that the 200-EMA level surrounding $1,805 puts a floor under the metal price, a break of which could set the ball rolling towards the 50% Fibonacci retracement of November 2022 to February 2023 upside, also comprising the mid-November peak surrounding $1,787. In a case where the quote remains weak past $1,787, late November’s bottom near $1,731 appears the last defense for the bulls. On the flip side, the 38.2% Fibonacci retracement level close to $1,830 holds the key to Gold’s buyer’s entry. However, a broad nine-week-old horizontal area between $1,857 and $1,865 seems a tough nut to crack for the metal bulls. Should the bullion manages to remain firmer past $1,865, a run-up toward the $1,900 threshold becomes smooth. Following that, the multi-month high marked in February at around $1,960 could gain the buyer's attention. Overall, the Gold price is likely to remain weak amid hawkish Fed expectations and downbeat MACD signals. However, the RSI line teases with the oversold territory and hence the quote’s further downside is likely having a little room towards the south.
OANDA:XAUUSD
by MTradingGlobal
GBPUSD fades bounce off 100-day EMA ahead of key UK dataGBPUSD bulls are struggling to keep the reins as traders await crucial British economics scheduled during the week, starting with the UK jobs report. That being said, a retreat in the RSI and sluggish MACD joined the recent softness in prices to signal the Cable pair’s pullback towards the 1.2000 psychological magnet, a break of which could quickly drag the quote to the 100-day EMA surrounding 1.1930. In a case where the pair remains bearish past 1.1930, tops marked during September and October 2022, respectively around 1.1735 and 1.1645, could act as the last defense of the buyers. Alternatively, GBPUSD buyers need to cross a downward-sloping resistance line from late March 2022, close to 1.2350, to convince markets. Following that, the late 2022 peak surrounding 1.2445 might probe the bulls before directing them to the 78.6% Fibonacci retracement level of the pair’s March-September downturn, around 1.2665. Should the Cable pair remains firmer past 1.2665, multiple lows marked during early April near 1.2975 and the 1.3000 round figure might test the upside moves ahead of highlighting March 2022 peak near 1.3200. Overall, GBPUSD is at an interesting place in the chart where bulls and bears are mostly equal, which in turn highlights this week’s data for clear directions.
by MTradingGlobal