Gold price (XAU/USD) repeats the typical pre-NFP consolidation as it slides from a four-month high to $1,798 during early Friday. In doing so, the yellow metal prints the first daily loss in four amid cautious markets.
Overbought conditions of the Relative Strength Index (RSI) line, placed at 14, triggered the Gold price retreat from a multi-day top. The pullback moves, however, remain elusive as the Moving Average Convergence and Divergence (MACD) indicator flashes bullish signals.
That said, the previous monthly top surrounding $1,787 restricts the immediate downside of the yellow metal ahead of highlighting the $1,757-55 support confluence including the 100-SMA and the resistance-turned-support line from November 15.
Following that, two-month-old horizontal support near $1,730 could act as the last defense of the Gold buyers.
Alternatively, an upward-sloping resistance line from early October joins the tops marked in August to highlight the $1,807 as the key hurdle to the north.
Have a good weekend ahead!
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