Gold price bounced yesterday as the US dollar weakened after the ECB's president press conference. But the bounce was very weak relative to weakness in the greenback . Today's NFP number will play a major role in what we should expect over the coming weeks for gold.
Blue lines - projection
Gold price remains near the lower boundaries of the wedge pattern that we have identified in the weekly chart. Stochastic is oversold, a bounce should come soon (maybe today) following the announcement of the US Non-Farm Payrolls. Yesterday's weak bounce of gold was not a good sign, so bulls are likely to have the last chance today. Lower targets for gold to make a bottom are still open between $1,030-$900.