Hello everyone! Today we're covering GOLD on the H4 analysis, as we can see the price failed to form an Inverse Head & Shoulder pattern, and is retesting the minor support.
1. From the Technical Perspective the price is heading to the 0.786 fibonacci level which most of the time holds as a potential entry and it's aligning perfectly with the minor support which gives bullish sign.
2. The price is above the (20,50,100) moving average, the 200 MA held as a support is driving price back to the retest zone.
But keep in mind:
I would suggest you guys to wait for the news tommorrow about the Non-Farm Employement Change which will be out at 2:30 PM GMT and combinate this big news with the technical part.
This is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts. We care about this because job creation is an important leading indicator
of consumer spending, which accounts for a majority of overall economic activity.
Patience is key in this game of probabilitie so note for tomorrow and wait how the market with play out to this major news.
Let's see how this plays out guys.
1. From the Technical Perspective the price is heading to the 0.786 fibonacci level which most of the time holds as a potential entry and it's aligning perfectly with the minor support which gives bullish sign.
2. The price is above the (20,50,100) moving average, the 200 MA held as a support is driving price back to the retest zone.
But keep in mind:
I would suggest you guys to wait for the news tommorrow about the Non-Farm Employement Change which will be out at 2:30 PM GMT and combinate this big news with the technical part.
This is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts. We care about this because job creation is an important leading indicator
of consumer spending, which accounts for a majority of overall economic activity.
Patience is key in this game of probabilitie so note for tomorrow and wait how the market with play out to this major news.
Let's see how this plays out guys.