XAU/USD : Bull or Bear ? NFP's coming! (READ THE CAPTION)
Updated
By analyzing the #Gold chart in the 30-minute timeframe, we can see that, as observed last night, gold dropped sharply from $2782 to $2731, creating a significant liquidity gap. As mentioned yesterday, the first key demand zone was between $2733-$2735, and once the price reached this critical zone, it was met with buying pressure, leading to a rebound of over 250 pips, taking gold up to $2757. Currently, gold is trading around $2752, with the NFP report ahead.
If the NFP data comes in lower than the forecast, it could push gold to higher levels. Conversely, if the data is higher than expected, we might see further declines in gold. There’s no certainty here, so I prefer to observe rather than make any trades on gold today.
Good luck, friends!
If the NFP data comes in lower than the forecast, it could push gold to higher levels. Conversely, if the data is higher than expected, we might see further declines in gold. There’s no certainty here, so I prefer to observe rather than make any trades on gold today.
Good luck, friends!
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By analyzing the #Gold chart in the 30-minute timeframe, we can see that last week, after the NFP data was released below the forecast, gold moved as expected towards the liquidity pool marked on the chart and reached the target of $2762. After capturing the liquidity above this level, gold faced a decline and, upon re-entering the $2733 zone, encountered minor demand, ultimately closing at $2736.450.
With the market reopening, we’ll need to see if the price can hold above $2730. In this scenario, assuming price stabilization above this level, we can expect further upside movement for gold, with key targets set at $2739, $2744, and $2752.
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