GOLD (Reversed - NFP Coming...)
Updated
Technical Analysis
The price has successfully followed its bullish trend, reaching our target of 2386.
Today, the market is expected to be highly volatile due to the reports on non-farm payroll (NFP) and unemployment rate. Depending on these economic indicators, the price might correct to 2357 before dropping to 2328. It is crucial to monitor the closing of the 4-hour candle for further direction.
The price has successfully followed its bullish trend, reaching our target of 2386.
Today, the market is expected to be highly volatile due to the reports on non-farm payroll (NFP) and unemployment rate. Depending on these economic indicators, the price might correct to 2357 before dropping to 2328. It is crucial to monitor the closing of the 4-hour candle for further direction.
- Bullish Scenario: For the bullish trend to continue, the price must break above 2357 and stabilize. This would pave the way for a move towards 2369 and 2397.
- Bearish Scenario: The price may correct to 2357. If it remains below this level, it will drop to 2328. A break below 2328 could lead to a further decline towards 2320, a strong support line.
Pivot Line: 2357
Resistance Lines: 2369, 2377, 2397
Support Lines: 2335, 2327, 2302Today's expected price movement range is between the support level of 2302 and the resistance level of 2397.
previous idea:
Comment
The price reached the price we mentioned,so now will move between 2327 and 2354 till breaking or releasing NFP
GOLD BEARISH REASON:
China:
China's central bank paused its 18-month-long gold-buying spree in May, which had contributed to a record rally in benchmark prices. Official data showed that the top consumer halted gold purchases for its reserves last month when spot gold prices hit a record high.
Dealers in China charged premiums of $27-$32 per ounce over benchmark prices this week, compared to $24-$33 last week. Limited investment options and strong demand for safe havens have driven onshore gold prices higher than offshore counterparts, creating opportunities for arbitrage—buying gold internationally and selling it at a premium in China.
Bernard Sin, regional director for Greater China at MKS PAMP, highlighted this price disparity as a chance for arbitrage.
Other Markets:
In Singapore, gold was sold at $1.20-$2.25 premiums, and in Hong Kong, at $1.50-$2.50 premiums. Brian Lan from Singapore-based dealer GoldSilver Central stated that prices need to either surpass $2,400 or drop below $2,300 to see more buying or selling activity. In Japan, bullion was sold at a $0.25-$0.50 premium.
Comment
target reached and still running toward 2302but the market is still volatile and the movement range will be between 2302 and 2328
Comment
the price reached our targets and still running it's trend to get 2278 as well
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