GOLD XAUUSD Chart Technical Outlook corrects lower towards $2,280
Gold prints a downside corrective structure (ABC). The latest strong NFP data support USD and US treasury yields, negatively weighing the yellow metal. For further clues, eyes are on tomorrow’s CPI and FOMC meeting.
There is room for more downside price action towards $2,260-80, confluence support of 38.2% Fib retracement level, 100% Fib extension level, a previous swing low, and the daily ATR range. Resistances are located at $2,320-30.
