GOLD SHORT AFTER Recalibration
As the price action continues to move sideways, it approaches that trendline. If the price rejects the resistance, we can expect it to move lower than 2600. On the other hand, if it closes above the resistance, we can anticipate the price reaching around the 2720 levels. My goal is support zone around 2585
The gold market is still oscillating around the 2650 level as it awaits the upcoming NFP data. Yesterday, the market showed poor reaction to news, with the price breaking below the previous day’s low but then swiftly pulling back toward the 2650 resistance level. If the price falls from this resistance zone, we could see a move toward the previous week’s low. Given the significance of the NFP release today, the price could potentially move in either direction. However, if there is a rejection at the 2650 resistance level and the upward trendline, we might witness a substantial sell-off. It will be crucial to watch how the market reacts to the NFP data, as volatility is expected to increase. My goal is support zone around 2620
The gold market is still oscillating around the 2650 level as it awaits the upcoming NFP data. Yesterday, the market showed poor reaction to news, with the price breaking below the previous day’s low but then swiftly pulling back toward the 2650 resistance level. If the price falls from this resistance zone, we could see a move toward the previous week’s low. Given the significance of the NFP release today, the price could potentially move in either direction. However, if there is a rejection at the 2650 resistance level and the upward trendline, we might witness a substantial sell-off. It will be crucial to watch how the market reacts to the NFP data, as volatility is expected to increase. My goal is support zone around 2620
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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.