What you should know about Non Farm Payrolls this Friday by #ForexSQ goo.gl/yQpXbK
The divergence XAU/USD showed on daily graph was followed with a break of 1335 support where Fibo 23.6% of the latest upward movement is located. Daily graph show that prices are around the lower line of the Bollinger Band also CCI is correcting oversold reading -220 but still stays below -100. Both of these indicators show that Gold is getting ready for its next move and is more likely to continue its recent weakness against USD. 1290 and 1270 levels (Fibo %50 and Fibo %61.8 retracement) may be targeted in case of a positive USD reaction to NFP is received. 1335 area (Fibo %23.6 retracement) is the first short term resistance.
The divergence XAU/USD showed on daily graph was followed with a break of 1335 support where Fibo 23.6% of the latest upward movement is located. Daily graph show that prices are around the lower line of the Bollinger Band also CCI is correcting oversold reading -220 but still stays below -100. Both of these indicators show that Gold is getting ready for its next move and is more likely to continue its recent weakness against USD. 1290 and 1270 levels (Fibo %50 and Fibo %61.8 retracement) may be targeted in case of a positive USD reaction to NFP is received. 1335 area (Fibo %23.6 retracement) is the first short term resistance.