💡GOLDOZ: Anxiously waiting for Nonfarm
Updated
The positive sentiment in the stock market is a significant obstacle for gold prices. Conversely, declining US Treasury yields, a weakening US dollar, and the expectation that the Federal Reserve will not raise interest rates further could support an increase in gold prices. Furthermore, the ongoing conflict between Israel and Hamas and global economic conditions are factors that favor a bullish outlook for safe-haven gold.
Gold appears poised to continue its recent recovery and gain momentum on Thursday. Additionally, the MACD histogram and double line on the H4 chart seem to be forming a double bottom. Although higher interest rates can negatively impact gold due to increased opportunity costs, some investors may still choose to hold gold as a hedge against uncertainty.
Gold appears poised to continue its recent recovery and gain momentum on Thursday. Additionally, the MACD histogram and double line on the H4 chart seem to be forming a double bottom. Although higher interest rates can negatively impact gold due to increased opportunity costs, some investors may still choose to hold gold as a hedge against uncertainty.
Note
The cumulative price range continues to be maintained at yellow H1, indicating a sideways period. In the immediate future, we can still wait to sell H1 gold from the upper resistance level, and switch to buying if gold breaks out of the upper boundaryNote
🔴 Today's economic calendar:- Average Hourly Earnings m/m
- Non-Farm Employment Change
- Unemployment Rate
- ISM Services PMI
Note
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.