Gold closed with some good gains after the job reports released pre US session with the increase more than expected job change which was good for dollar.
indicates that , Labor market is still solid to handle the interest rate hike cycle, while the unemployment rate was higher than expected but still within the range to hike more rates,
Fundamentally the next all movement from gold depends on the CPI numbers this week on Wednesday.
What to expect from gold this week
Even after the impulsive upside move from gold, its not able to break the key level 1680-1683 (black over head resistance ) which is key level resistance holding from a long time any attempt to break above 1680- 1683 will be bullish for gold and it will be targeting 1730-1732 (Red speculative ressistance)
We are still in the bearish market in higher time frame , unless we are below 1683-1685.
A breakout from 1683-1685 level looks bullish and shift in market structure.
there on we will be looking to buy gold on confirm entries targeting 1730 ( double bottom , back test to previous resistance turned support).
indicates that , Labor market is still solid to handle the interest rate hike cycle, while the unemployment rate was higher than expected but still within the range to hike more rates,
Fundamentally the next all movement from gold depends on the CPI numbers this week on Wednesday.
What to expect from gold this week
Even after the impulsive upside move from gold, its not able to break the key level 1680-1683 (black over head resistance ) which is key level resistance holding from a long time any attempt to break above 1680- 1683 will be bullish for gold and it will be targeting 1730-1732 (Red speculative ressistance)
We are still in the bearish market in higher time frame , unless we are below 1683-1685.
A breakout from 1683-1685 level looks bullish and shift in market structure.
there on we will be looking to buy gold on confirm entries targeting 1730 ( double bottom , back test to previous resistance turned support).
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🟡 Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/FxOverseas
🟢 INSTAGRAM: instagram.com/fxoverseas/
🟢 Youtube :youtube.com/@fxoverseas
🟡 Not financial advice. For educational purposes only.
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.
🔵 FREE TELEGRAM CHANNEL: t.me/fxoverseas
🔴 TWITTER: twitter.com/FxOverseas
🟢 INSTAGRAM: instagram.com/fxoverseas/
🟢 Youtube :youtube.com/@fxoverseas
🟡 Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/FxOverseas
🟢 INSTAGRAM: instagram.com/fxoverseas/
🟢 Youtube :youtube.com/@fxoverseas
🟡 Not financial advice. For educational purposes only.
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.