Gold Finds Support at 200-Day EMA Ahead of NFP

Gold has found support around its 200-day EMA as futures positioning strengthens and options traders retain a relatively bullish skew.

With the upcoming NFP approaching, the setup keeps the prospect of another push towards $5,000 alive. The gold price has been trading in a narrow range, with the 200-day EMA serving as a key support level.

A small bullish candle indicates that bears lost steam around this support level, while above-average volume relative to the small-range day suggests a 'change of hands' from bears to bulls.