Gold Analysis: As long as gold is above $1830, it may test $1900
Hello gold traders, welcome back in new week trading season.
Technically gold is still in uptrend and fundamental also supporting that gold may hit nearly $1910 price zone again. Last week the us GDP missed. This week everything is depending on the US labor market report, specially in NFP.
Until NFP report release technically gold may test $1900/1910 price zone again. If NFP dropped hard, Gold may break above the $1910 and we will see further upside move.
From the present rates, $1830 is identifying as a strong support zone. So, as long as gold is able to hold above the $1930, it will still in uptrend and this is the most possible scenario for this week.
One more thing, from the present rates immediate resistance is $1970 price zone. So, we may see some downward correction from $1870 to nearly its trendline support zone of $1850/40.
Unless NFP reports print too positive, I think gold is not going to drop below $1830.
On the other hand, if gold breaks below the $1830 (Very strong support), technically it will create chances to test $1810 price zone. than we will see some upward correction and final target to the downside is $1787. I think it will be hard scenario unless Russia-Ukraine comes in negotiation.
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