Gold retreats as the US dollar finds support from a fall in the jobless rate.
On the daily chart, price action still holds above the demand zone between 1890 and 1900 which is a sign of strong buying interest. A break above 1940 forced sellers out. This may also foreshadow a reversal.
Sentiment would improve if the precious metal stays above 1915. A bullish close above 1960 could extend the rally to the psychological level of 2000. On the downside, 1890 is a critical level to maintain the bulls’ optimism.
