09:07 UTC
Downtrend, now rangebound near lows · RSI 42 · price 4,463.49
Lower highs since April, coiling in band.
Gold has been in a broad downtrend since the late-February peak near 5419, which gave way to the March collapse to 4099. Since the April recovery high near 4793 price has ground lower under a chain of lower highs, and for the past two-plus weeks it has consolidated in a 4424–4595 band while sitting below both EMAs. The digest reads gold as rangebound and geopolitically-sensitive into today's US jobs print.
Support: 4,424.00, 4,366.00, 4,099.00
Resistance: 4,595.00, 4,793.00
What it said to watch
- D1 close below 4424 confirms a range break lower toward 4366 then the 4099 march low
- Reclaim of 4595 range top needed to challenge the descending lower-highs line
- US NFP today ~12:30 UTC could break the 4424–4595 range either way