XAUUSD
Gold prices are looking to extend their previous rally ahead of the US NFP announcement. In the event that the US jobs data disappoints, gold prices are likely to recover above the falling 50-day moving average (DMA) at $1945. Triangle support also aligns at that level. Recall that Gold price confirmed a symmetrical triangle breakout on the daily chart on Tuesday.
Recapturing the latter would require a test of the bullish 21 DMA at $1533. A sustained break above the latter will open the door for a rally towards the flat 100 DMA at $1,969.
However, downside risk persists for Gold prices, as the 14-day Relative Strength Index (RSI) indicator remains below the moving averages.
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