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The gold price is located in the buyer's territory, the outlook is still bullish ahead of the crucial US data. Gold is trading at $1,711 level and is fighting hard to stay above the $1,700 psychological level and to accumulate more bullish energy before it resumes its upside journey.
The US Non-Farm Employment Change is expected around -7,750K today, better versus the -20,537K in the previous month, but unfortunately, the Unemployment Rate could increase from 14.7% to 19.4% in May. The Average Hourly Earnings could grow by 1.0%. The figures will bring high volatility, the gold price could accelerate its rally if the readings come in worse than expected.
The price action has developed a potential Double Bottom on the H4 chart, but this pattern is far from being confirmed. Gold has found strong support right on the $1,700 level again, the false breakdown has attracted more buyers.
The price could come back towards the $1,700 level after the rejection from the PP ($1,720) level, another rejection or false breakdown below the $1,700 - $1,693 area will suggest buying. The potential double bottom pattern will be validated only after a valid breakout above the upper median line (UML) and above the $1,746 when the price makes another higher high.
Gold could develop a minor triangle as well in the short term, between the upper median line (UML) and the $1,700 - $1,693 area, a valid breakout from this potential pattern will give us a clear direction and a fresh trading signal.
Gold is bullish as long as it stays above the $1,693 - $1,700 zone, a valid breakdown below this support area could send the price towards the median line (ML), the price could develop a broader corrective phase if the price reaches the median line (ML) and if it closes on it.
If the price stays above the $1,700 - $1,693 area and if it fails to approach and reach the median line (ML), another leg higher is expected. A larger increase will be validated by a valid breakout above the upper median line (UML) of the descending pitchfork and above the R1 ($1,746) level.
Long above the $1,746 level with near-term targets at R2 ($1,764), R3 ($1,790), and higher at the $1,800 psychological level. If you want to sell gold, maybe you should wait for a valid breakdown below the median line (ML) and below the $1,666 static support to be sure that the price will register a major drop towards $1,600, $1,555, and $1,484 levels.
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