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Forex pairs in this Article » XAU/USD
Although the XAU/USD pair found some support just above the 1213.40 level yesterday, the lack of momentum is certainly something to watch. Market players are showing no love for the precious metal recently and some traders are on the sidelines ahead of the Friday's jobs report. Because of that the volume and strength behind the bulls may not be enough to produce a strong rebound. A disappointing number would boost speculations that the Federal Reserve will remain hyperactive until spring. On the other hand, stellar data would reinforce expectations the Federal Reserve will begin to reduce its aggressive monetary stimulus earlier than anticipated.

Gold Price Analysis - Dec. 4, 2013

Technical speaking, the Ichimoku clouds on the weekly, daily and 4-hour charts represent resistance levels ahead of us. In other words, the overall trend is down when prices are below the cloud. I think the descending channel which the pair has been running in since September will continue to guide us. For the next couple of days, it is likely that we will be trapped between 1243 and 1200. The bulls have to push gold prices above the 1243 - 1252 area, where the Ichimoku clouds reside on the 4-hour chart, in order to change the short-term trend. If it can break through, it is quite possible that the pair will gain some traction and head towards the 1293. On its way up, resistance can be found at 1268 and 1282. However, if the 1213.40 support gives ways, I think we will see prices hitting 1207 and 1200 next.

Gold Price Analysis - H4 - Dec. 4, 2013

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