XAUUSD currency pair losses from the major resistance level (1800.00) after the impressive Non Farm Payrolls released in the last week. XAUUSD is seen re-testing the short term Trendline retracing at 61.8 Fibonacci Level on a 1H time frame which is intended to fall south to the next support level 1783.00. The jobs blowout raised the stakes for the July US inflation report due on Wednesday. The US Consumer Price Index (CPI) could likely see a slight pullback in headline growth but the core figure is seen accelerating.
XAUUSD is expected to fall bearish from the current market price 1793.00 to the next support level 1783.00 and 1771.00 with a minimum risk at 1795.00. On the hawkish side, the yellow metal must break the major Resistance 1800.00 to continue its Bullish momentum.