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Technical analysis of Gold for August 06, 2015

The metal has closed below 1085.00 that we have been waiting for 12 days. Traders are waiting for Friday's jobs data.

Ahead of US jobs data, the US dollar back on limelight. Traders do expect wild moves during a day and tomorrow.

Atlanta Fed President Dennis P. Lockhart said that the FOMC was nearly ready to raise the interest rates.

The metal has been moving sideways for 13 sessions, this Friday might be the game-change day in the context of non-farm employment changes.

Technical view:

The yellow metal was trading at $1,084.70 during today's Asian session, compared to Monday's closing price of $1,084.60. In the weekly chart, the metal managed to hold the channel support trendline at $1,085.00 on a closing basis, but fell below on a daily basis. The metal has been reaching lower highs and lower lows breaking below the large bearish head & shoulder pattern.

The weekly support is found at $1,085.00, $1,077.00, and $1,073.00. A weekly close below $1,085.00 opens gates to $1,068.00 initially and towards $1,045.00 and $1,005.00 later. In the monthly chart, strong support zone is seen between $1,045.00 and $1,032.00. The metal fell below the 14-year ascending trendline in the monthly chart. It managed to close above $1,085.00 on a daily closing basis for eleven consecutive days.

The metal has been moving towards higher low and lower highs in the H1 chart for 4 days. The support zone is found at $1,080.70 and $1,079.70.

Intraday: Intraday support is found at $1,082.00, $1,080.00, and $1,077.00. Resistance is seen at $1,087.00, $1,090.00, and $1,093.00. We can observe bearish h&s pattern in the hourly chart. The neck line is found between $1,079.70 and $1,080.70.

The metal has been reaching lower lows in the four-hour chart. The metal made a triple top at $1,105.00 rounded and higher low formed at $1,079.70.

Panic likely to be triggered below $1,077.00. We guess the metal is likely to fall towards $1,072.00 today in case $1,077.00 is taken out. Use a rise to sell.

Buying is available above $1,095.00 with targets at $1,100.00, $1,103.00, and $1,105.00. Real strength is expected only above $1,105.00 towards $1,110.00 and even $1,112.00.

Selling is available below $1,079.00 with targets at $1,077.00 and $1,075.00.

Intraweek trading pattern remains framed between $1,075.00 and $1,095.00.

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