Gold price is trading at $1,992 and so far has managed to bounce towards $1,903. Our expectations after the NFP announcement last Friday were for price to reach $1,890-$1,900 area for a lower high. I believe there are increased chances that a lower high is already in place and we should see price moving lower from now on.
Gold price remains inside the bullish channel since $1,677. Price has pulled back towards $1,850-$1,870 area as expected by our analysis and now I believe we should soon see another leg lower, that will bring price below $1,860-70 area. At current levels of $1,890-$1,900 I prefer to open new short positions with a stop around $1.910-15 and a target of $1,850-30.
