NFP took Gold Short as USD retained strength against Metals despite mixed data. Currently Gold are resting in Support Zone ( 1382.58 - 1378.96), break of these support zone may see Gold
going further short and retesting recent Lows at 1360 and 1345. With current momentum Gold remain under-Pressure if current support break , another sharp dip is on the cards otherwise expect a slow rise to upwards.
For Intraday Traders, Upon break of current support go Short otherwise wait till clear signal for Long.
I think we may hit the $1,500 level before correcting back down. I just don’t see any reason for gold not to rally further into its next heavy resistance level.
Sure long term bias is bullish, but I guess some correction on the way up has to occur. And this seems to me reasonable place where it could happen. I definitely do not expect so deep correction as it could be read from my TP.
