FX.co ★ XAU/USD, GOLD

On gold (GOLD) nothing has changed — confidently trending up and regularly updating highs. This morning we did drop though and even broke through 4225. But we didn’t stay below, it was immediately bought back, we rewrote the highs and now we’re already trading above 4303. The upside pressure is solid. Plus we’ve formed an excellent platform above, around 4380 — there are tons of stops there, so there’s still room to grow. News-wise: Non-Farm came out weak, which is pressuring the buck, but unemployment itself went down. So we could easily see a local pullback. From these heights I definitely won’t be jumping into longs — too risky, we need a proper pullback. Action plan: I’ll only consider buying on a deep move down below 4275. Until then it’s better to just stay on the sidelines.