Gold consolidates above 61.8% Fibo Level – How to Trade Non-farm Payroll Today?
On Thursday, our forex trading signals on gold did pretty well to help us secure two take profits, but the market continued with its bearish trend. Perhaps, investors priced in the positive forecast for the US labor market data.
For the moment, you can see a tug of war between bulls and bears.The market is likely to trade in the same range of $1,196 – $1,203 until the release of labor market figures.
Technically speaking, gold completed 61.8% retracement at $1,196. 50 periods and the 50 periods EMA is also supporting the yellow metal at $1,196. The doji candle above $1,196 is signaling a neutral sentiment of investors. The RSI is coming out of an oversold zone, which may drive buying in gold.
Gold – XAU/USD – Trading Levels
Support Resistance
1197.99 1199.04
1197.52 1199.61
1196.47 1200.65
Key Trading Level: 1198.56
Gold// XAUUSD – Trading Idea
The idea is to trade the breakout, buying above $1,196 can lead the market towards $1,204. Whereas, below $1,196, gold can drop to $1,187.
All the best for today and have an awesome weekend!
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