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Gold Today Technical Report 06/05/2016

Gold traded lower yesterday, but hit support at 1270 (S1) and then rebounded. The metal is now trading near the 1278 (R1) resistance zone, where the bears could take advantage of a solid US employment report today and push the price lower, perhaps for another test near 1270 (S1). A break below 1270 (S1) is possible to aim for the next support zone of 1260 (S2). Looking at our short-term oscillators, I see that the RSI oscillates around its 50 line, while the MACD stands slightly above its zero line and looks ready to turn sideways. These indicators detect neutral momentum but they could turn bearish on a strong NFP print. Switching to the daily chart, I see that the close above 1278 (R1) on the 29tth of April has confirmed a higher high on the daily chart and signaled the resumption of the prevailing long-term uptrend. Therefore, I would treat the recent slide or any extensions of it as a corrective move for now.

GOLD 6

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