Gold analysis ahead of NFP
Gold's bullish bias still favors the Russia-Ukraine conflict more brutal day by day: the USA and its allies have given very tough sanctions against Russia.
The fundamental and market sentiment favoring gold prices though the technical analysis hints that gold prices have reached correction level. So, if the NFP report prints positive, there is a possibility that the gold price may test nearly $1925/1920 price zone.
Technically as long as the gold price is above the $1900 price zone, it will be considered bullish.
As a positive outcome of the NFP report, gold may drop but won't sustain. That means any deep correction after releasing NFP will be the buying opportunity.
So, If NFP prints positive, $1920/1925 could be the best zone for buy with stop loss below the $1900 price zone.
On the other hand, if NFP prints negative, the gold price will initially test its near-term resistance level of the $1950 price zone. And finally, breaking above $1950 will open the door for the $1975 price zone.
The fundamental and market sentiment favoring gold prices though the technical analysis hints that gold prices have reached correction level. So, if the NFP report prints positive, there is a possibility that the gold price may test nearly $1925/1920 price zone.
Technically as long as the gold price is above the $1900 price zone, it will be considered bullish.
As a positive outcome of the NFP report, gold may drop but won't sustain. That means any deep correction after releasing NFP will be the buying opportunity.
So, If NFP prints positive, $1920/1925 could be the best zone for buy with stop loss below the $1900 price zone.
On the other hand, if NFP prints negative, the gold price will initially test its near-term resistance level of the $1950 price zone. And finally, breaking above $1950 will open the door for the $1975 price zone.
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