Fundamental Importance:
NFP and Unemployment Rate will play a key role today as in previous FOMC Press Conference the FED Powell told that he was not looking for March Rate Cut but this could be changed if the labor market became cool.
Yesterday Labor Market data came negative and we all saw how Gold market reacted after that.
So today's NFP and UR indicator both are leading, related directly to labor market.
Geopolitical Scenes:
Geopolitical tension of Israel-Hamas may end. Yesterday there was a news from a Qatar delegate that Israel accepted proposal for ceasefire and Hamas also received that. After that market showed a strong rejection from 2065 towards 2053 immediately.
After few minutes another news released that the ceasefire was not accepted yet but the both party received the proposal then the price started to consolidate from 2053-2056 for many hours.
Technical Analysis:
If today's data come negative then we can expect price will move to the zone (2064-2078) and this is a strong supply order block.
Meanwhile if the ceasefire happens between Israel-Hamas then the whole market sentiment will change. The way price went up for this war, it will move down like this.
According to my wave analysis price is still in correction phase and a drop from mentioned supply order block can lead us price to move down at least 1980 then 1930.
As a technical analyst I will focus on my technical support. Because no one knows what Market makers will do.
NFP and Unemployment Rate will play a key role today as in previous FOMC Press Conference the FED Powell told that he was not looking for March Rate Cut but this could be changed if the labor market became cool.
Yesterday Labor Market data came negative and we all saw how Gold market reacted after that.
So today's NFP and UR indicator both are leading, related directly to labor market.
Geopolitical Scenes:
Geopolitical tension of Israel-Hamas may end. Yesterday there was a news from a Qatar delegate that Israel accepted proposal for ceasefire and Hamas also received that. After that market showed a strong rejection from 2065 towards 2053 immediately.
After few minutes another news released that the ceasefire was not accepted yet but the both party received the proposal then the price started to consolidate from 2053-2056 for many hours.
Technical Analysis:
If today's data come negative then we can expect price will move to the zone (2064-2078) and this is a strong supply order block.
Meanwhile if the ceasefire happens between Israel-Hamas then the whole market sentiment will change. The way price went up for this war, it will move down like this.
According to my wave analysis price is still in correction phase and a drop from mentioned supply order block can lead us price to move down at least 1980 then 1930.
As a technical analyst I will focus on my technical support. Because no one knows what Market makers will do.
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2 possible scenarios
But I prefer price going again to 2055 zone then fall ....
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Best Supply Area for this precious metal is 2064-2079Note
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An upside breakout can lead the price to 2166 and if price rejects and break downside then the confirmation of double correction is 100% which may lead GOLD to 1980/1940/1870
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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.