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Gold is down for fourth consecutive day and heading into its third consecutive weekly fall, however carried away in the near term may prove a bit risky, especially in a week of heavy event risks.
As we discussed in previous outlook, most likely move for gold to be downwards, given FED's emphasis on the final meeting of the year as a possible rate hike date. So as discussed Gold is heading towards its support area around $1120-1125/troy ounce area.
As of today, it is very close to its support trading around, $1130/troy ounce. If price reaches support area, ahead of NFP report on Friday, it could be anybody's game. Bulls might push gold higher, if NFP report surprises to the downside.
Trade idea -
- Any fresh position is not recommended ahead of NFP and close to support, however bears who are holding short position might go for partial profit book close to support. Rest can be traded at NFP with tight stop loss.
