Gold prices have turned bearish since the US presidential election date, as a result of the strengthening of the dollar, the mid-term major support line at 1200 was broken.
The better-than-expected US economic figures on this Wed weighed on gold prices, and the support level at 1180 was broken.
Yesterday the better-than-expected November US ISM Manufacturing and Prices Paid figures weighed on gold prices again. Gold spot hit the lowest level of 1160.53 since this February, yet the price was held above the support level at 1160.
We will see the release of the November Non-Farm Payroll and Unemployment Rate figures, at 13:30 GMT today. With better-than-expected figures, it will likely weigh on gold prices again, and test the support level at 1160 for one more time. With lower-than-expected figures, it will likely help gold spot rebound and test the resistance level at 1180.
The current trend of gold still remains bearish, the price is trading below both the short term and long term moving averages, and has been moving along the lower band of the Bollinger Band Indicator.
The price is likely to hold temporarily above the support line at 1150, yet the upside selling pressure is heavy.
The resistance level is at 1180, followed by 1190 and 1200.
The support line is at 1170, followed by 1160 and 1150.