LONG POSITION
Gold had been making headway to the downside ahead of the NFP event.
Bulls are stepping in below the prior week's low in $1,802, a break of which opens $1,830 target.
If there is a miss in expectations in the NFP's report, the dollar could come under pressure at the resistance and a 38.2% Fibonacci retracement has a confluence with prior structure. Consequently, the price of gold would be expected to rise.
The price has made a lower low on the weekly chart, (1,802 prior low), which is encouraging for the bears so close to the close this week.
However, there is scope for a retracement which will likely be determined in Friday's US Nonfarm Payrolls event and flows in the US dollar.
Bulls are stepping in below the prior week's low in $1,802, a break of which opens $1,830 target.
If there is a miss in expectations in the NFP's report, the dollar could come under pressure at the resistance and a 38.2% Fibonacci retracement has a confluence with prior structure. Consequently, the price of gold would be expected to rise.
The price has made a lower low on the weekly chart, (1,802 prior low), which is encouraging for the bears so close to the close this week.
However, there is scope for a retracement which will likely be determined in Friday's US Nonfarm Payrolls event and flows in the US dollar.
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