04.07.201916:35 Forex Analysis & Reviews: Gold 07.04.2019 - Downside is expected

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The Gold didn't have enough power to break the swing high at $1.438 and high was missed by few ticks, which is sign for me that buyers got very exhausted there. Since there is the fail test of high in the background, my focus is on downside. Short-term resistance-fib confluence level is set at $1.420 and this level is my main focus for potential selling positions.

The focus now shifts to U.S. non-farm payrolls data due on Friday, which economists expect to have risen by 160,000 in June, compared with 75,000 in May. On the daily time-frame I found that there is bear cross on the Stochastic and MACD, which represents short-term downtrend. Fibonacci expansion target is set at $1.400 (FIB 61.8%) also a round number and then $1.380 (FIB 100%). The 4H time-frame is showing the consolidation but also fresh new cross on the MACD oscillator, which is good confirmation for further downside. Today is holiday in US and light volume is expected till end of the day.

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