The chart for gold in the 4-hour timeframe shows the break higher from the Bull flag marked in red, and the retest late yesterday. The 1350.00 level needs to be retaken with support holding so far around 1344.00. A further retest of the top of the flag would tag the 1340.00 area. Further support on this chart can be found at the 100-period MA at 1335.90 and the 1333.66 level. The rising 200-period MA is located at 1321.00, just below rising trend line support at 1323.70. The last support above 1300.00 can be found at 1311.14.
The High so far in the current leg higher has been 1365.20. With the market continuing to make higher lows, this level can be regained and a push to 1400.00 restarted. The Non-farm Payrolls data today could send gold volatility higher, knocking out nearby support and resistance before a direction is established. 1375.60 could provide resistance today.
This currency pair has been moving lower since the loss of the red trend line at 0.88440 on the 17th of January. The blue falling trend line is the main focus of resistance on the chart, with the current level at 0.88063. Because of the sideways price movement in this market, the moving averages are quite close together but the price is contained by the 50 MA at 0.87760 and the 100 MA at 0.87953. Further support can be found at 0.87574 and yesterday’s low 0.87162. The January low comes in at 0.86866.
Resistance above the trend line is at the 200 MA, currently at 0.88178, and above this at 0.88477. There is a resistance zone around 0.89000 which also contains the broken red trend line. The falling resistance trend line on the daily chart is at 0.89713 should the retest of the red trend line be broken.