Gold is slightly down by NFP data, but marking higher lows

Last Friday pushed XAU/USD down with around 1.7%. Of course main reason is the unexpectedly nice US Non-Farm Payroll data, which fueled US dollar’s strenght.

Even so, the news didn’t bring down the yellow metal, as prices are marking higher lows, which should indicate market participants not to sell yet.
Strong resistance is situated around $1,340 area, matching with the 200-day MA.

Currently the main support is located at $1,332 level along with 61.8$ Fibo retracement, drawn form July’s low at $1,310 to August’s high at $1,3670. In the afternoon hours gold bounced off that level to currently trade around $1,335 zone. 

If breaking above $1,346 (38.2% Fibo), next target is seen arounf $1,365 area. 

If XAU/USD is likely to close below $1,331, bears will drag prices to $1,320 area.