Gold Remains Stable Ahead of Non-Farm Employment Report

London (Apr 3)  According to the Daily chart, Gold has become quite impulsive after retracing towards Fibo level 50. As per the current price action context, bulls successfully broke above the Fibo level 61.8 with a daily close. So, if the price sustains above $1600 area, the bulls may recover higher towards $1700 in the days ahead. Alternatively, if the price fails to sustain higher and push down below $1600 with a daily close, the bears may regain momentum.

Can Gold Remain Stable Above $1600 Price Area?

Image: Gold Daily Chart

Furthermore, the dynamic level of 20 EMA is residing below the current price which is holding the price as support. Besides, the MACD lines are residing near the 0.00 level and trying to climb higher, which indicates further bullish pressure may occur in the coming days.

To conclude, Gold price is still volatile and corrective but Gold remained stable above $1600 area. As long as the price remains above $1600 area, bulls may continue to push the price higher towards $1700.

A+oz