Gold extends its choppy trend after refreshing all-time-highs at $2075 in early Asia. The metal lacks a clear directional bias heading into the critical US NFP. ‘Buy the dips’ will remain in vogue alongside the US dollar dynamics amid a resurgence of the US-China tensions.
The tool shows that the bright metal sees immediate cushion at $2054, which is the pivot point one-month R1 and powerful support.
A break below the latter will open floors towards the Fibonacci 61.8% one-day and intraday low at $2049.
The next downside target is aligned at $2042, the pivot point one-day S1. Bears may face difficulty clearing the next support at $2038, which is the pivot point one-week R2.