Gold price extends steep fall on Thursday and dipped to session low at $1324, to nearly fully retrace recovery leg from $1321 which stalled at $1348 on Wednesday. The yellow metal fell sharply on fresh risk appetite as strong fears about trade war eased. Wednesday’s trading ended in Doji candle with very long upper shadow, which signaled strong upside rejection and driven further down on growing negative sentiment. Daily MA’s returned to bearish setup and maintain pressure along with weak momentum studies. Fresh bears probe again through strong support at $1326 (Fibo 61.8% of $1307/$1356 rally) and eye pivot at $1321 (29 Mar trough), violation of which would open way towards key supports at $1309/07 (daily cloud base 20 Mar low). US data are eyed for fresh signals with focus on us jobs data on Friday.
Res: 1331, 1335, 1337, 1339
Sup: 1326, 1324, 1321, 1318
