Gold could see a corrective bounce above $1,290, as the 4-hour chart is showing signs of bearish exhaustion.
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Gold – Multiple long-tailed candles near $1,280 support indicate seller exhaustion. That coupled with a bullish divergence (higher lows on the RSI) indicate scope for a corrective move higher to descending 10-day MA, currently located at $1,298.
Economic Data – 08 March 2019 – U.S. Nonfarm Payrolls / U.S. Unemployment Rate
The probability of a corrective bounce, however, would drop sharply if the immediate support at $1,280 is breached.
Gold Trend : oversold bounce likely
