Gold could test #2,700.80 benchmark on positive NFP numbers

2 days ago

Technical analysis: Technicals of the Hourly 4 and Daily chart’s indicates that Gold has touched the Support line of the Ascending Channel, specifically between #2,642.80 and #2,652.80. This zone appears to be an ideal entry point for a Buy position, with a Target set above #2,672.80 first Resistance line. In addition, Hourly 1 chart reinforces this outlook, as it was Trading also at a Support point characterized by a Neutral Rectangle, confirming #2,652.80 benchmark (or slightly below), posing as an solid reversal point. On Daily chart, there is a consistent pattern: each break-out of the Resistance line since October #5 has resulted in a (# +9.00%) increase over a two-week period. Currently, we are on the #14-session of the Ascending Channel, suggesting that the zone between #2,662.80 and #2,700.80 (poses as an psychological benchmark as well) could be the last point before market stabilization and a potential reversal.


My position: According to my statistics, I do expect slight improvement on NFP numbers and upside reading however numbers below average will push Gold aggressively towards #2,700.80 benchmark. I will await and Trade the NFP (Buy if downside surprise is delivered) using strategy I explained above to finish current overall excellent week.