Back above the 100 day MA
Gold has moved higher after the weaker US NFP report and as the dollar gets hammered.
Technically the precious metal is back above the 100 day MA at the 1222.84 level. The 38.2% of the move down from the May high is being approached at 1239.54. A move above looks toward the 1251.81 (50%).
The EURUSD meanwhile has tested the 1.1300 target on the topside and come off back into the mid 1.1280s. The USDJPY is down testing 107.50. So major dollar pairs are bumping up against technical levels.
The traders are leaning against the levels but the bias for the dollar has not had much of a corrective move. The number today throws a big wrench in the Fed's plan for the tightening. It is just hard to explain away. So there is good resistance ahead but if the price moves above, it could trigger more stops.
