Article by: ETO Markets

As investors head into the Friday trading session, Spot gold has bid marginally lower on the week, down little over 2% from Monday's starting levels. Investors will be anticipating the release of the most recent US Non-farm Payrolls report, which is scheduled for the next trading day to conclude the week.

November's US Nonfarm Payroll report is expected to show a small improvement from October's 150K to 180K new job additions. Investors are betting on a bad report to increase the likelihood of a rate decrease by the Federal Reserve.

Gold is trading closely around $... As long as bidders hold control, the 50-DMA is confirming a bullish cross of the 200-DMA near $... If price movement continues lower, this area may witness a technical bounce. 

The XAU/USD is bidding into a rising trendline from October low bids near $…, but it is coiling on the south side of a substantial technical barrier from $… as a result of the downside pressure that knocked spot gold off of its most recent all-time highs this week.