Gold price margin analysis before NONFARM
Updated
đź’ĄGold reacted strongly at the 2385 resistance zone as traders waited for the important US Nonfarm Payrolls report. Gold prices continued to rise and hit a 2-week high as US bond yields fell after Latest labor report. Published data showing signs of "cooling down" in the US labor market have reinforced the possibility that the US Federal Reserve (Fed) will cut interest rates in September. Currently, investors are still hot. Please wait for US non-farm payroll data to be more certain about this expectation.
đź’ĄRSI in the h2 time frame shows signs of divergence and has gradually escaped the overbought area. It can be seen that the buying force has weakened when the price touched 2385. The uptrend is still there with strong support from the EMA 34 and EMA 89 which are still rising strongly in the large time frames h4 h2 d1. Therefore, the price reaction at 2385 could be a stepping stone for gold to reach 2400.
đź’ĄTechnical points to pay attention to for the best trading signals:
Support: 2370-2355
Resistance: 2395- 2405
đź’ĄRSI in the h2 time frame shows signs of divergence and has gradually escaped the overbought area. It can be seen that the buying force has weakened when the price touched 2385. The uptrend is still there with strong support from the EMA 34 and EMA 89 which are still rising strongly in the large time frames h4 h2 d1. Therefore, the price reaction at 2385 could be a stepping stone for gold to reach 2400.
đź’ĄTechnical points to pay attention to for the best trading signals:
Support: 2370-2355
Resistance: 2395- 2405
Note
BUY zone 2355 + 50 pipsNote
BUY GOLD 2050 nowTrade closed: stop reached
Gold broke all support levels and reached 2337 before NF
JOIN OUR FREE TELEGRAM GROUP t.me/+HARBQ2pBFaI5ZjI1
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
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.