Read the news recently of Ukraine peace talks being formed in Saudi Arabia, given that analysts are banking on soft landing in the US due to great macro data and this is a perfect bad storm for Gold over the next 4 - 6 weeks.
I expect for Gold to visit 1920's area to even 1900's before NFP hits the docket, and given at unemployment rates falling + more robust ISM's from US will give us a very good NFP print.
Should Gold break 1962 resistance, I can expect it to reach 1969 before a drop too.
I expect for Gold to visit 1920's area to even 1900's before NFP hits the docket, and given at unemployment rates falling + more robust ISM's from US will give us a very good NFP print.
Should Gold break 1962 resistance, I can expect it to reach 1969 before a drop too.
Comment:
The pair is playing out perfectly, however 1953 is showing a really good support, partial TP taken and SL moved to 1962.
Comment:
A fake out from 1965 area, can see Gold dropping to 1930 as previously noted over the next couple of days unless the data from the US later on in the day, specifically JOLTS and ISM come out weaker than expected.
Comment:
Another great read on XAU/USD, I expect a bounce to 1950's levels before Inflation data comes around before we get a higher CPI reading and Gold pushing down to 1900's
Comment:
The pair is hovering around the bottom supply zone that I highlighted.
Oscillators and volume shows the momentum and volume shrink is happening, therefore Gold is waiting for news to come through in order to make a massive move up or down (I believe that will be China's CPI and US CPI data)
Oscillators and volume shows the momentum and volume shrink is happening, therefore Gold is waiting for news to come through in order to make a massive move up or down (I believe that will be China's CPI and US CPI data)