Over the previous fortnight, Gold has accelerated in valuation and extended above a downward channel on both the H4 and Daily timeframes. Demand for the safe-haven commodity increased following the emergence of political tensions in the
However, on Thursday afternoon the latest US non-farm payrolls are announced and I am cautious towards whether Gold is experiencing a potential false breakout, with an imminent pullback possible.
The US employment sector has continued to make impressive progress over the past couple of months.
Today's ADP employment report suggested that 281,000 jobs were created by
In regards to the technicals, both the Stochastic Oscillator and RSI are suggesting that Gold is currently edging very close to the overbought boundaries. Possible upcoming support levels are located at 1313, 1290 and 1277.
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