Gold Market Analysis NFP weekGold Market Prediction point of view:
The gold market recently closed both its monthly and weekly candles, showing strong bullish momentum.
On a monthly timeframe, gold remains bullish, especially if it stays above the 2400-2500 level. The key question now is when the market will correct this move. A retracement is expected, which typically happens gradually.
On a weekly timeframe, the market structure remains bullish. However, there is an imbalance between the 2350 and 2465 levels, suggesting that prices could move downward slightly to fill this gap before continuing upward.
On a daily timeframe, gold has broken through its previous resistance levels, filling its daily imbalance at 2470. Key levels to watch are 2475-2485 for further bullish movement, with potential downside targets around 2415 if a correction occurs.
On a 4-hour timeframe, the market is currently moving sideways, and key levels to monitor are around 2530 for potential breakouts or retracements. The price could test higher levels like 2550-2560 if it breaks 2530, but if it fails, it might retrace to lower levels.
Fundamental factors: Upcoming data releases, such as ISM Manufacturing PMI, ADP employment, and NFP, could significantly influence market movements.
Gold important levels and areas are marked on chart so trade accordingly dont be trapped.
In summary, the gold market is currently in a strong bullish trend, but careful attention should be paid to key levels and upcoming economic data that could impact its movement.
