Gold has been embracing a rangebound market between 1818 and 1872 before and post the spike down which occurred last Thursday. Credit to Friday’s non-farm payroll figure and weakening dollar with stimulus hope, gave the metal a lift back above the critical 1800 level. On top, inflation target and the rally of the U.S. equity market are threatening gold price.

On a technical side, 1872 is acting as a nice gatekeeper for price to shoot north, double-top touching the line has brought about a sizable dip and caught up with a rebound. Asian opening today stuck within twelve-dollar range (1833- 1845) and looking at the H4 trendlines, bull seems to be losing momentum with a potential setback to 1765. Next eyes on Federal Chair Powell speaks later this evening to give more ground on policy decisions.

Ideas to short entering from 1845/1848 supply zone with first target at 1818 and next 1785, with stop loss at solid resistance 1872.

Analyzed by:Mr.Ronald Wu,Independent Analyst