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Gold Prices bounced from 200-day SMA on positive NFP Data

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by , 03-13-2017 at 12:04 AM (1364 Views)
      
   
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.

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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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