Gold prices are down nearly 3% from the March highs with decline taking price into near-term downtrend support ahead of today’s Non-Farm Payroll (NFP) release.
XAUUSD $1,289.88 and WAGUSD 15.145 is sideways between 1282-1300 and 15.026 - 15.227 respectively. The outcome of the US non-farm payroll could be a possible trigger for gold and silver to break this range and set the direction of the next move.
Gold Weekly Chart Outlook pointing to a reversal off the yearly high and leaves the risk lower heading lower to $1,285.66 the 20-EMA and $1,275.49 100-SMA support.
Key support remains at, 1275/76, “where the objective yearly opening-range low converges on the 38.2% retracement of the 2018 advance and former pitchfork resistance.” Daily resistance steady at 1302 with a breach / close above the February trendline (bearish invalidation) needed to shift the focus back to the topside targeting 1322.
silver price is consolidating between $15.227 the 100-SMA resistant and $15.026 the 200-SMA support, a break out of this range will pave the way for clarity of the range in coming weeks.