Gold awaits NFP after serious decline I expected

As discussed throughout my yesterday's session commentary: "Technical analysis: Gold is being kept below the Hourly 4 chart’s Resistance zone of #3,292.80 - #3,300.80 despite the rejection on DX and continuous rise on equities, Gold didn’t manage to prepare the terrain for further the uptrend, according to my Technical estimations. Besides the High Selling Volume and evident Price-action showcasing of Bearish trend switch, #3,262.80 Support I mentioned which was about to be tested was invalidated and naturally Gold is on a decline (as I expected it throughout my recent remarks) and is Technicals what's keeping Gold Lower, relative to circumstances. Regardless of that, the Daily chart’s Support (Medium-term) is Trading just few points below, at #3,200.80, if broken it can open doors for #3,127.80 extension and Support mark test and is alone a positive development for Sellers ahead of the end of the Trading week."


Technical analysis: Daily chart remains isolated within solid Descending Channel and being Bearish indicates a Short-term Selling opportunity towards #3,200.80 psychological mark if Support gets invalidated and NFP delivers upside surprise (what I indeed expect). Keep an eye on the DX especially when the U.S. session opens (Bullish Gap fill) throughout today’s session in order to get more information and pointers of the Intra-day direction. Gold got rejected at #3,200.80 - #3,227.80 Medium-term Support zone (many rejections on current pressure point) and since the pullback wasn’t Bought back above the Hourly 1 chart’s Buying accumulation zone, current Price-action points that the Selling sentiment remains unchanged as this is just one of early Trading weeks in May. That keeps the Hourly 4 chart’s Descending Channel valid (already converted to a Bearish Flag / messenger of Selling continuation ahead), with #3,262.80 configuration currently representing it’s local Lower High’s Upper zone).