Gold price spiked to $1,778 after the NFP announcement earlier today, but now Gold is trading again around $1,770. Short-term trend remains bearish as price continues making lower lows and lower highs. As we explained in our previous analysis on Gold, we believe that soon we should witness a major upward reversal in Gold.
Black lines - Fibonacci retracements
Green lines - wedge pattern
Price continues to trade inside the wedge pattern, despite briefly moving above it. The RSI continues to provide bullish divergence signals and price continues to trade between the 61.8% and 78.6% Fibonacci levels. This is the most probable area for a reversal to the upside. Gold price needs to break resistance at $1,780 and stay above current lows. Gold bulls need to push price outside of the wedge pattern. This will be the confirmation of a trend reversal. Until then, price remains under pressure.
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