Despite a major move down on US equities today, Gold has failed to find significant volume and momentum to make a firm bounce off of support dating back from March lows.
My first guess would be investors/traders are hesitant to open new positions on Gold until tomorrows Non-Farm Payrolls report, and Dollar strength following better than expected US jobless reports.
On the intraday chart, Gold has formed an interesting wedge pattern, a break above or below could possibly see interesting movement, however I doubt a major move will occur until tomorrow.
@RaphFX was able to trade the momentum play on GOLD following the positive factory release numbers which lead to a slight rally on the dollar. However, on the back of difficult fundamentals, bullish momentum has slowed on the dollar and important resistance levels are in the way, eyeing up a possible intraday long trade on gold. Golds yesterday ABC correction swiftly turned into a 5 piece impulsive leg. A 5 piece leg followed by momentum diversion is a high probability set up, which will hopefully work in conjunction with Dollar resistance.