GOLD (Reversed - NFP Coming...)

Jun 7

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.

• 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:
  
  

Jun 7

Note

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.

Jun 7

Note

target reached and still running toward 2302
but the market is still volatile and the movement range will be between 2302 and 2328

Jun 9

Note

the price reached our targets and still running it's trend to get 2278 as well