Gold Bounced Off $1,300

Despite its repeated attempts to break below the support at $1,300, which coincided with (MA)89 on the daily time-frame, Gold bounced off that level after the announcement of the US change in Non-Farm Payrolls last Friday and is currently testing the resistance at $1,330 again. More importantly, this retracement also formed a very obvious hammer candlestick on the weekly time-frame above the aforementioned support at $1,300, so I think we can expect a further move to the upside. The first target will likely be around $1,350 - $1,360, but I think we cannot exclude a further move to the upside towards $1,400, especially if Gold breaks above $1,1360.