Short-term rebound in gold
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H4 Chart
Daily Chart
Gold managed to bounce back right after the US Jobs Report on Friday and closed the week near the $1900 resistance. Gold continues to benefit from inflation expectations. Yet, such rebound is unlikely to be sustainable. The technical indicators still suggesting another leg lower in the coming days. The downside retracement may target 1860 and 1850 USD/Oz where we will reassess our medium-term long positions that were issued back in April, while we maintain our stop loss at 1835 for now.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1801.15 | 1841.25 | 1866.42 | 1881.35 | 1906.52 | 1921.45 | 1961.55 |