Gold is moving in Downward trend (4 H trend). However the price showed reversal with reversal pattern on Friday (Inverted Head & Shoulder). I think after this pattern , Gold will possess the bullish symptoms temporarily.
For long entries, we can count on two levels, the ascending trendline support + Horizontal support at 1920 and 1910.
On fundamentals end, we have FOMC minutes today. This will have negligible effect to me. on Friday we have NFP announcement. NFP has potentially strongest effect on USD and corresponding pairs. I think Dollar will strengthen after the result inline with the current good US results streak.
After NFP we may see big drop in Gold prices with strength of the Dollar. Current price action is to buy 1910-1920 till target of 1930 first target and 1938 second potential target. For bears Sell anything above 1930.
Good Luck & Do comment how do u see the gold
For long entries, we can count on two levels, the ascending trendline support + Horizontal support at 1920 and 1910.
On fundamentals end, we have FOMC minutes today. This will have negligible effect to me. on Friday we have NFP announcement. NFP has potentially strongest effect on USD and corresponding pairs. I think Dollar will strengthen after the result inline with the current good US results streak.
After NFP we may see big drop in Gold prices with strength of the Dollar. Current price action is to buy 1910-1920 till target of 1930 first target and 1938 second potential target. For bears Sell anything above 1930.
Good Luck & Do comment how do u see the gold