Gold is in a descending channel, price is attempting to break out of the channel pre-NFP.
If the price drops back into the channel we are likely to continue the bearish momentum to test 1750 and then 1735-25.
Seasonally Gold is bullish now, also new month and new quarter with fresh capital should allow Gold to continue its long term bullish trend. DXY and Gold are now moving up in sync (DXY normally in inverse correlation to Gold) which is also a positive sign for Gold to resume its uptrend.
During NFP anything could happen so it's best to wait and see which scenario plays out.
If the price drops back into the channel we are likely to continue the bearish momentum to test 1750 and then 1735-25.
Seasonally Gold is bullish now, also new month and new quarter with fresh capital should allow Gold to continue its long term bullish trend. DXY and Gold are now moving up in sync (DXY normally in inverse correlation to Gold) which is also a positive sign for Gold to resume its uptrend.
During NFP anything could happen so it's best to wait and see which scenario plays out.
