Will NFP give Gold a boost?
In my comment yesterday, I mentioned that the price was trading within a tight range, making it better to stay on the sidelines until there is more clarity.
Although the price briefly broke below both the 2635 and 2620 support levels, it quickly reversed and moved back above them. This suggests that bulls remain strong above the 2600 level, indicating that a higher low might be forming.
With this in mind, I anticipate the price to continue moving upward today and in the coming days, with a clear breakout above 2650. If that happens, Gold could gain momentum and potentially reach the next significant resistance level around 2680.
For now, I’m looking to buy on dips, but I will reconsider this approach if Gold closes the week below yesterday’s low.
Although the price briefly broke below both the 2635 and 2620 support levels, it quickly reversed and moved back above them. This suggests that bulls remain strong above the 2600 level, indicating that a higher low might be forming.
With this in mind, I anticipate the price to continue moving upward today and in the coming days, with a clear breakout above 2650. If that happens, Gold could gain momentum and potentially reach the next significant resistance level around 2680.
For now, I’m looking to buy on dips, but I will reconsider this approach if Gold closes the week below yesterday’s low.
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