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Gold surged to new highs following some worries about regional banks and the
quick fall in Treasury yields and the US Dollar. The US
Jobless Claims
were also a bit softer than expected but that was
coupled with a strong ISM
Manufacturing PMI
report. Today all eyes will be on the US NFP report where strong data might provide a
pullback or even a major selloff if it’s too hot. On the other hand, weak
numbers across the board will likely send Gold even higher.

Gold Technical Analysis –
Daily Timeframe

Gold Daily

On the daily chart, we can see that after the break
of the trendline, Gold continued to maintain a bullish bias as the buyers keep
on buying the dips into the 2080 resistance zone.
The sellers don’t have much where to lean on at the moment, so they should wait
for the price to reach the resistance before stepping in to position for a drop
into the 1972 level.

Gold Technical
Analysis – 4 hour Timeframe

Gold 4 hour

On the 4 hour chart, we can see that the price yesterday
pulled back into the upward trendline where we
had also the confluence with the
red 21 moving average. The
buyers piled in with a defined risk below the trendline to position for a rally
into the 2080 resistance. The sellers, on the other hand, will want to see the
price reversing and breaking below the trendline to start targeting the 2015
support and upon a further break lower looking for the 1972 level.

Gold Technical Analysis – 1
hour Timeframe

Gold 1 hour

On the 1 hour chart, we can see that the
price is consolidating around the 2055 level this morning ahead of the NFP
report. More aggressive traders might want to trade the breakout with the
buyers increasing the bullish bets in case the price breaks to the upside and
the sellers entering the market on a break to the downside. From a risk
management perspective though, the buyers will have again a better risk to
reward setup around the upward trendline.

See the video below


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