Hello traders ,what do you think about GOLD ? In the 1-hour gold chart, we're observing a downward market momentum. The price is currently below the 50 EMA (Exponential Moving Average), reinforcing a bearish market structure. The price has now approached the 38% resistance level, coinciding with a downward trend line and a resistance zone, suggesting potential for a price decrease.Key to watch is the $2048 resistance zone. If this level holds, we could see an increase in gold supply, further fueling the downtrend.Today's critical economic indicators, which might indirectly impact gold prices through their effect on the US dollar, are the ADP Employment Report and the Unemployment Insurance Claims Index. These data points could provide insights into the dollar's strength, influencing gold's trajectory.
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Comment:
The published data was published in order to strengthen the dollar index.
Trade active
Comment:
Today's NFP data can be the driver of gold prices. If it is released more than expected, it can cause the dollar to gain strength and gold to fall.
Comment:
About 100 pips have fallen from the activated level. Manage your trade
Trade closed: target reached
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