GOLD: A Technical Outlook Ahead of the NFP Data
Updated
GOLD: A Technical Outlook Ahead of the NFP Data
The price of gold is currently developing a double zig-zag pattern inside a wide range trading zone 2470 - 2530, indicating a higher probability of moving down for the Z wave.
However, this movement is also influenced by market speculation and interpretation of the upcoming NFP data.
Technical Perspective:
I expect the price to hover near 2530, as it has shown the potential to move above this zone several times. If this level holds, we should see a downward movement as illustrated in the chart.
Immediate Support Levels:
2503 ; 2500 ; 2485; 2470
If the price moves above 2530 it may rise up to 2550 but for the moment this scenarios remains on the cards but with lower chances.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
The price of gold is currently developing a double zig-zag pattern inside a wide range trading zone 2470 - 2530, indicating a higher probability of moving down for the Z wave.
However, this movement is also influenced by market speculation and interpretation of the upcoming NFP data.
Technical Perspective:
I expect the price to hover near 2530, as it has shown the potential to move above this zone several times. If this level holds, we should see a downward movement as illustrated in the chart.
Immediate Support Levels:
2503 ; 2500 ; 2485; 2470
If the price moves above 2530 it may rise up to 2550 but for the moment this scenarios remains on the cards but with lower chances.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Trade closed: target reached
Trade closed: target reached
GOLD -> 3 targets reached
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