XAUUSD Decision time
Gold is attempting to gain traction towards key near-term resistance after the solid US monthly jobs number failed to dent the recent recovery in the yellow metal. A bullish double-pattern has formed on the lower time and is potentially warning of a stronger recovery towards $1,800. Gold bulls need to break the $1,760 resistance level this week in order for a strong upside move to take hold.
XAUUSD is only bullish while trading above the $1,720 level, key resistance is found at the $1,760 and the $1,800 levels.
If XAUUSD trades below the $1,720 level, sellers may test the $1,700 and $1,680 support levels.