Gold Analysis - XAU/USD: Takes out key Fib 61.80% level, rally to resume towards 100-DMA

The XAU/USD pair (gold prices in terms of the US dollar) experienced massive moves on Friday in response to the crucial US non-farm payrolls data which surprised markets to the downside. The prices bounced-off key support just ahead of 1100 barrier and spiked nearly $ 40 to fresh weekly highs at 1141.32 after the US dollar was smashed across the board as the NFP reflected a big miss (142k vs. 201k expected) and squashed hopes of Fed rate-hike this month or in this year, while every meeting remains live. The pair halted its five-day losing streak and jumped in a bid to test the 100-DMA then located near 1145, although failed to garner further supported and retraced to 1137.94 at close. However, the prices booked losses on weekly closing basis. As for today’s trade so far,
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