Gold Technical Analysis: Bounces off a confluence support, NFP eyed for fresh impetus

   •  The precious metal reversed an early dip to its immediate confluence support - comprising of 50-hour EMA and ascending trend-line support held since the beginning of this week.

   •  Technical indicators on hourly charts maintain their bullish bias and have already eased from overbought territory, supporting prospects for additional intraday gains.

   •  However, oscillators on the daily chart still point to slightly overbought conditions and might turn out to be the only factor holding traders from placing any aggressive bullish bets.

   •  The set-up now seems to suggest some near-term consolidative price action ahead of today’s important release of the keenly watched US monthly jobs report, popularly known as NFP. 

Gold 1-hourly chart