XAUUSD Midweek Review

 

As expected Gold did a pull back early week, though its short of testing the BMA (Bipolar Moving Average - green line). The smaller timeframes are showing buyers strength, M15 and M30, that's the reason why Market Strength has changed to 60% Bullish. 

Ahead of BOE Official Bank Rate, the golden bulls may want to stick around to test the BMA, and if its broken and NFP numbers are weak, then the likely upside target may well be the SL, 1856.40. Please be cautious during major data events. Trade well.