ForeCastle

Gold prices are rebounding, as the US Dollar declines on NFP data. Expectations for today’s NFP (Non-Farm Payrolls) event were set at 200k, and released better than expected at 235k. Also, January’s high was revised upwards from 227k to 238k.



Technically, gold prices have found support after declining to a 76.4% Fibonacci retracement level found near $1,200.00. This line has been calculated by measuring the distance between the January 27th low to the February 24th high. If gold prices remain support here a bullish close would stem a seven day losing streak for the commodity. In a continued bullish scenario, traders should next look for the commodity to test the 10 day EMA (exponential moving average) at $1,220.53.

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