Gold Achieves Official Goals, All Eyes on Jobs

Gold prices incurred heavy losses during the previous trading session, within the expected downward trend, touching the required official target at 1688.

On the technical side today, and with a closer look at the 4-hour chart, we find the price now hovering around pivotal support levels of 1690, Fibonacci retracement of 61.80%, and we notice that the simple moving averages continue to pressure the price from the top.

Although we tend to be negative, we prefer to confirm a break of 1685, because breaking it forces gold to resume the current downside wave to be the next leg of 1670/1665.

If gold is able to build on the support floor of 1685 and stabilize again above 1710 and more importantly 1715, this postpones the chances of a decline but does not eliminate them, and we may witness a slight upward tendency with a target located around 1738.

S1: 1679.00	R1: 1715.00
S2: 1665.00	R2: 1737.00
S3: 1645.00	R3: 1751.00