After a consolidating few weeks from 1870 to 1920 Gold has plummeted today after the Federal Reserve Pump, ADP Employment Change, and Initial Jobless Claims for the US. However, after hitting support around 1865-1870 it looks to be a key zone of support that could reverse price action to the upside of 1900. After breaking out of the weekly trend zone which was indicated by multiple touching points acting as both support and resistance prices, If the price does not fall back into the zone and retests of the resistance line we will see price push upwards of 1900 continuing the climb to 2000 by end of the year again. As there is currently a lot of uncertainty around crypto and the use of their platforms in a lot of countries so financial institutions, hedge funds, and investors are rethinking portfolio assets and highlighting the key benefits gold provides and has always provided as a proven ROI asset.
I agree that we’ll hopefully see gold at 2k by the end of this year but I feel as though the better-than-expected predicted results for NFP tomorrow will send it down impulsively before it makes it’s way up. Thoughts? 🤔
OfficialKieranTrewick
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@darbova It’s a flip of a coin tbh with you but yes that could be a likely scenario however after the plummet yesterday it would need to be a strong negative impact to push and keep it below the next support zone otherwise it’ll be a quick retest back to 1900.
kholmhlanga
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@darbova, I agree. I'm expecting the price to drop from the NFP.
MuhammadHarisFarooqui
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buy @1872 for 1960.. hope nfp will shoot otherwise 1 more account burn :/