Gold traders hold breath as NFP looms – Will $3,310 break the ice?
|What's happening with Gold?
Gold trades in familiar range supported by price stability above local demand zone 3285 while immediate resistance 3307 keeps gains under check.
What's needed for breakout?
A decisive break above 3307 followed by break above 3310 strengthens the case for further advance towards 3315 and a strong breakout above 3315 eases the way to next resistance 4 hourly 50 EMA 3325.
Next bullish targets sit at $3340-$3346.
What if support fails?
On the flip cover, break below 3285-$3380 urges caution as increasing selling pressure breaking below 3280 may extend decline towards 3276 below which 100 Day SMA 3270 and recent low 3268 may be under threat exposing levels a tad lower 3251 while all eyes will be fixed on major low 3245 which is an acceleration point to a deeper correction.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.