Gold at $2385: Next $2397 or $2327..?
Mixed data on much awaited NFP initially dropped Gold straight to $2350 quickly followed by resurgence to $2380, retracement to $2372 and finally docked at $2385 day high perch on frenzied rally.
As the momentum takes a breather from day high $2385, price action is likely to witness sideways trades with slightly downward shift in bias which may be considered as a logical retracement to breakout zone of $2372 followed by a test of $2368-$2355 local demand area.
Further downward correction needs strong break below $2355 for extension of correctional wave towards Fair Value Gap left at $2337-$2327-$2319
As long as horizontal support zone $2372-$2368 is intact, uptrend is unchallenged with potential advance towards $2430-$2450 over an extended period of time which does get affirmation from Weekly close above $2380
As the momentum takes a breather from day high $2385, price action is likely to witness sideways trades with slightly downward shift in bias which may be considered as a logical retracement to breakout zone of $2372 followed by a test of $2368-$2355 local demand area.
Further downward correction needs strong break below $2355 for extension of correctional wave towards Fair Value Gap left at $2337-$2327-$2319
As long as horizontal support zone $2372-$2368 is intact, uptrend is unchallenged with potential advance towards $2430-$2450 over an extended period of time which does get affirmation from Weekly close above $2380
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