With today's NFP data upbeating estimations and USD strengthening against most pairs, I think we will have a very interesting trading session on Monday.
POC area is located at current level 1734 and we are below EMAs inside two clear defined downtrend channels.
A possible gap down may occur on Monday and that could send gold to drop massively as USA economy seems to be recovering pretty well, with inflation and yields picking up. I would not be surprised if we hit 1690 - 1680 range.
Let's see how this play out and what the big fellas (fat fingers) plan to do.
POC area is located at current level 1734 and we are below EMAs inside two clear defined downtrend channels.
A possible gap down may occur on Monday and that could send gold to drop massively as USA economy seems to be recovering pretty well, with inflation and yields picking up. I would not be surprised if we hit 1690 - 1680 range.
Let's see how this play out and what the big fellas (fat fingers) plan to do.
Trade active:
Price opened with +6 bucks down as expected due to above expectations USA NFP data. USA ISM data came as well above estimations.