Gold price remains depressed amid modest USD strength, looks to US NFP for fresh impetus

Technical Analysis: Gold price manages to hold above the $2,265 immediate support, bullish potential seems intact

From a technical perspective, weakness below the $2,265 area could expose the weekly swing low, around the $2,229-2,228 region, with the $2,250 level acting as an intermediate support. Some follow-through selling has the potential to drag the Gold price toward the $2,200 psychological mark, which is likely to act as a strong base. That said, a convincing breakdown through the said handle should pave the way for some meaningful corrective decline. 

On the flip side, a move beyond the $2,280 area might confront some resistance near the Asian session peak, just ahead of the $2,300 round-figure mark. Acceptance above the latter will be seen as a fresh trigger for bullish traders and set the stage for an extension of the recent breakout momentum witnessed over the past two weeks or so.

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