Gold continued its rebound on Thursday, building on Wednesday's turnaround from the lows. The Asian session saw upward movement, Europe consolidated, and the US session pushed to fresh highs, closing the day with another large bullish candle—marking the second consecutive day of strong gains.
The momentum is clearly bullish, but today's focus shifts squarely to the highly anticipated Non-Farm Payrolls report. Expect subdued price action during the daytime, with the real fireworks reserved for after the US data release.
Yesterday's rally extended through the US session, with prices spiking toward the 4510 area late in the day before pulling back. Gold is currently in a short-term corrective phase, with no clear sign of a stabilizing bottom just yet.
The immediate support level sits at 4455—the overnight swing low—followed by 4420 as the next key zone. If prices dip to the 4455 region during the Asian or European sessions and show signs of holding, long positions can be considered, with an exit ahead of the Non-Farm Payroll release. The 4420 level acts as a stronger support cushion, particularly if the data disappoints. Should the report come in bullish, gold is likely to break above 4510 and extend further upside.
Today's strategy: look for a pullback into the 4455/45 zone to initiate longs, with a stop placed below the swing low, targeting a 30-40 dollar move. If the Non-Farm Payroll report is bullish, enter longs directly on a defense of the intraday low, aiming for 4510—then add on a confirmed break above that level. Conversely, if the data turns out bearish, watch for support at 4420 and position for a rebound off that level (but be ready to exit quickly if momentum continues lower).
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Trading decisions should be made at your own risk.
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