Investors are all focused on the NFP figures expected in a couple of hours from the U.S. and gold, currently traded at $1,410/1,420, is showing little volatility. From a technical point of view, we are seeing a consolidation phase after the massive rally of the last few weeks.
The main trend remains bullish as prices are holding well above the key support level of $1,380 and the psychological threshold of $1,400. Any slowdown in US economy which could make the Fed take a more dovish turn, could be a supportive element for bullion.
