Gold Technical Analysis: Bounces off a confluence support, NFP eyed for fresh impetus

   •  The precious metal reversed an early dip to its immediate confluence support - comprising of 50-hour EMA and ascending trend-line support held since the beginning of this week.

   •  Technical indicators on hourly charts maintain their bullish bias and have already eased from overbought territory, supporting prospects for additional intraday gains.

   •  However, oscillators on the daily chart still point to slightly overbought conditions and might turn out to be the only factor holding traders from placing any aggressive bullish bets.

   •  The set-up now seems to suggest some near-term consolidative price action ahead of today’s important release of the keenly watched US monthly jobs report, popularly known as NFP. 

Gold 1-hourly chart

XAU/USD

Overview:    Today Last Price: 1321.87    Today Daily change %: 0.15%    Today Daily Open: 1319.9Trends:    Daily SMA20: 1292.62    Daily SMA50: 1266.88    Daily SMA100: 1242.19    Daily SMA200: 1229.56Levels:    Previous Daily High: 1326.25    Previous Daily Low: 1315.8    Previous Weekly High: 1300.28    Previous Weekly Low: 1275.9    Previous Monthly High: 1326.25    Previous Monthly Low: 1275.9    Daily Fibonacci 38.2%: 1322.26    Daily Fibonacci 61.8%: 1319.79    Daily Pivot Point S1: 1315.05    Daily Pivot Point S2: 1310.2    Daily Pivot Point S3: 1304.6    Daily Pivot Point R1: 1325.5    Daily Pivot Point R2: 1331.1    Daily Pivot Point R3: 1335.95

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