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Gold was trading at 1,742 at the time of writing. In the short term, it has developed a range pattern. Escaping from this formation could bring new opportunities. The yellow metal registered sharp movements in both directions after the US data.
The Non-Farm Employment Change came in at 372K versus 260K expected, the Unemployment Rate remained at 3.6% as expected, while the Average Hourly Earnings rose by 0.3% matching expectations. These were seen as high-impact indicators, so the volatility was high.
Gold is trapped between 1,747 and 1,732. Personally, I'll wait for a valid breakout from this pattern before taking action. It could continue to move sideways in the short term after registering only false breakouts.
The bias remains bearish after escaping from the minor flag pattern and after failing to stabilize above the minor uptrend line.
A valid breakout above 1,747 and a new higher high, jumping and closing above 1,752 could activate a larger rebound and could bring long signals.
Staying below 1,747 and under the uptrend line may signal a new sell-off. A downside continuation could be activated by a valid breakdown below 1,732, by a new lower low. This scenario could help the sellers to catch a new short opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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