Despite the weaker than expected NFP, gold (XAU/USD) fails to close above 1520 which suggests bear strength is strong. If gold still fails to close above 1520, then we might expect to see gold to retest below 1500 area soon. A break of this level (close below 1500) might invites further bear towards 1480 levels. Towards the upside, we need to see the momentum of bulls strike towards 1530 which will invites a re-test to 1550. A break of 1550 might invite bulls to break new gold high (1560~ area).
Comment:
New RSI / MACD suggests a possible rebound towards 1530. Please avoid shorting gold now. Tq.
Order cancelled