Gold, NF Briefing
Updated
Gold prices achieved a five-day streak of gains on Thursday, hitting a high for the week.
To the Federal Reserve, which dropped expectations of a rate hike at its June policy meeting. It caused the dollar to record its biggest one-day drop in almost a month.
During the day, the U.S. May non-farm payrolls report will determine gold's rally and whether it can make a breakthrough at technical levels of resistance.
Gold is at, near the resistance of the range since late May, with a resistance position above 1980, but not broken.
If non-farm payrolls accelerate and slow down, there is a probability that gold will move closer to the resistance position of 1992 or 2003.
Conversely, if nonfarm payrolls again exceeds expectations for growth, gold could fall to near the 1960 or 1940-46 positions. It will revert to the support position below the trend line.
To the Federal Reserve, which dropped expectations of a rate hike at its June policy meeting. It caused the dollar to record its biggest one-day drop in almost a month.
During the day, the U.S. May non-farm payrolls report will determine gold's rally and whether it can make a breakthrough at technical levels of resistance.
Gold is at, near the resistance of the range since late May, with a resistance position above 1980, but not broken.
If non-farm payrolls accelerate and slow down, there is a probability that gold will move closer to the resistance position of 1992 or 2003.
Conversely, if nonfarm payrolls again exceeds expectations for growth, gold could fall to near the 1960 or 1940-46 positions. It will revert to the support position below the trend line.
Trade active
NF, today's forecast is 19. It has never been below 22 since May 2022. last month's previous value was at 25.3. then as long as the published value is greater than 19, it will be bad for gold. If it is less than 19, it will be positive for gold.From the simple analysis so far, it seems to be more unfavorable to gold than favorable to gold.
You should be clear that in the new crown virus 2021, the toughest year for the global economy, the lowest published value was also 19.4.
Of course, anything can happen.
Trade active
Today's very strategy is correct and we continue next week. Have a great weekend.Trade active
NF expectations are the same as we analyzed and congratulations to those who entered the trade following the NF strategy analysis we gave.+2000pips💐
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.