Thora-Scalper

Oversold RSI a sign of gold upside to come ?

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Thora-Scalper Uppdaterad   
OANDA:XAUUSD   Guld / USA-dollar
XAU/USD FUNDAMENTAL BACKDROP

Gold prices are trading lower for the 8th consecutive trading day as the US dollar remains bid due to some hawkish Fed commentary as well as an upside surprise on yesterday’s US JOLTs job openings statistic. Once again US labor market strength has been reiterated through jobs reports and will surely add pressure from a hawkish perspective. Throughout the week including today (see economic calendar below), markets will be looking to jobs reports beginning with ADP employment change, jobless claims and most importantly Friday’s Non-Farm Payroll (NFP) print. If the JOLTs job openings trend continues, gold prices may breakdown further.

1803 AREA IS A STRONG SUPPORT

Buy @ 1803 SL @ 1875

TP @ 1932 TP @ 1950

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