We had a strong bullish move on the gold to the upside on fomc day which was not sustained in the north for long and withing 24 hours gold moved massively towards south pole and collected the much anticipated liquidity left at $1911/13. Currently market is below $1920 and is waiting for the release of the employment data.
Bulls will be targeting $1970 and bears would like to take the market below $1880. I will be waiting for the data to release and wait which side liquidity would be collected first. I expect a move towards the support area of $1890/$1900 and then move up towards $1970. It would be interesting to see if the market decides to collect sell side liquidity first, in that case levels to watch for shorts would be $1926 to $1930 first and if it breaches then the last barrier for bears should be $1939 to $1945.
Trade safe and wish you all the best.
Bulls will be targeting $1970 and bears would like to take the market below $1880. I will be waiting for the data to release and wait which side liquidity would be collected first. I expect a move towards the support area of $1890/$1900 and then move up towards $1970. It would be interesting to see if the market decides to collect sell side liquidity first, in that case levels to watch for shorts would be $1926 to $1930 first and if it breaches then the last barrier for bears should be $1939 to $1945.
Trade safe and wish you all the best.