A Curious Development With Gold

Something we monitor in the gold market is Fibonacci retracements at various levels.

One curious development a few days ago showed gold exactly touching the second fib fan level at $1201.50 in oversold conditions.

Non-farm payrolls data comes in Friday morning, and a Federal Reserve announcement is due mid month.

Let's see how this plays out.  Our suspicion is that gold is only taking a short break from its big up move and is winding up again.  Will it get the catalyst it needs?