Well maybe not yet could go either way short term .Opinion: All...

Well maybe not yet could go either way short term
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Opinion: All eyes on the payroll data Price: 766.80 MONITOR
Technical Points
Resistance
Major 2 794.47
Minor 787.48
Major 1 780.48
Minor 776.13
Gravitation 771.77
Minor 764.78
Major 1 757.78
Minor 753.43
Major 2 749.07
Support
Analysis:
Gold had an early recovery during yesterday’s Asian trading zone, but these early gains were short-lived as trading moved into the European session.

The huge interest rate cuts from both the Band of England (100 basis point cut) and the European Central Bank (75 basis point cut) lifted the US dollar, putting downward pressure on gold.

For the session, the precious metal gave up US$5 (-0.6%) per ounce, settling at $765.50.

The sell-off was in line with other commodities, with oil falling sharply below US$44 per barrel, and the CRB commodities index falling to its lowest level since 2002.

Likely Price Action:
As we can see from the above four-hour chart, gold had another attempt at challenging US$787 resistance, but failed to overcome this level yet again.

This second false attempt has seen gold retrace back to US$763 support once again, which is in-line with this week’s low.

The release of the non-farm payroll data tonight might cause a big swing in markets, and if the results are outside what is expected, we could Wsee US$763 fail to hold.

If this plays out, US$753 would be the next support. Gold would need to hold above this level to prevent further sharp losses.