Gold prices plunged over 1.0% during the European session, however sentiment shifted after the release wages data from the US. At the moment not only has the downward movement been wiped out, but gold is gaining about 0.3%.
From a technical point of view, the price failed to reach major support at $1900 as it bounced off 100 EMA. In accordance with the classic rules of technical analysis, a rebound from this zone indicates the continuation of the uptrend and opens the way towards highs at $1947. On the other hand, if sellers manage to regain control and launch a deeper pullback, in addition to the average, one should pay special attention to the support at $ 1888, which is marked with the lower limit of the 1:1 structure. Break below, would be an indication that market sentiment shifted to bearish.
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GOLD, interval H4. Source: xStation5
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