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Gold lost its bullish momentum

Gold is trading sideways in the short term ahead of the US NFP. Despite positive US data, the yellow metal continues to stay in the buyer's territory. In the short term, it could continue to move in range.

Technically, the bias is bullish in the short term, but we still need confirmation before considering going long. The US data could be decisive tomorrow. The Non-Farm Payrolls indicator is expected at 490K in September versus 235K in August. As you already know, the US ADP Non-Farm Employment Change came in better than expected on Wednesday, so the NFP is somehow expected to beat expectations as well.

Moreover, the US Unemployment Claims is expected to drop from 5.2% to 5.1% which could be good for the USD. Some positive US data could punish the price of gold tomorrow.

XAU/USD Still in The Green!

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As you can see on the h4 chart, XAU/USD is moving in a range between 1,770 and 1,750 levels. After escaping from the down channel, the price of gold was somehow expected to grow but it continues to stay down as the DXY could end its correction soon.

Technically, a new higher high, a bullish closure above the 1,770.58 could activate and confirm an upside continuation. It could still increase as long as it stays above the ascending pitchfork's lower median line (lml).

Gold Outlook!

A valid breakdown below the ascending pitchfork's lower median line (lml) signals a deeper drop. On the other hand, a buying opportunity could be confirmed by a valid breakout through the 1,770.58 former high.

The material has been provided by InstaForex Company - www.instaforex.com