Gold Testing The Support at 1132

Gold continued descending today and finally reached the support at 1132 visible on the daily filter chart. This is a considerably strong support, so we might see some retracement, but having in mind the strong bearish trend I think that it will likely break below that level and continue descending towards the next level of support which is around 1104 - 1098. That said, I don’t expect any major movements before the US Change in Non-Farm Payrolls on Friday because market volatility tends to go down significantly before such major fundamentals  .