Gold Spot / U.S. DollarUpdated XAU/USD INTRADAY FRIDAY 03 JUNE 2022
Fibbo H1 indicating a decline towards 1828-33 which seems quiet impossible at the moment. However retracement towards Sma200 and BB44 mid band and 50.0% level at 1848-53 seems possible. Provided 1868-73 zone remains un breakable and serves as strong resistance. This 1870 is a 50% level of MACRO fibbo a major trend reversal point. Below it is 1670 and above it is 2070. A medium risk sell can be obtain around 1868-73 as Sma200 and BB44 upper band in H4 TF is rite on top of the price now. So a medium risk buy is located at 1848-53 zone as well. However we should keep in mind that today is NFP and we should avoid an entry before it. Those who are in trade should try to exit ASAP before this event.
Note
NFPThere were 12 negative and 10 positive NFP surprises in the previous 22 releases, excluding data for March 2021. On average, the deviation was -0.86 on disappointing prints and 0.6 on strong figures. 15 minutes after the release, gold moved up by $3.97 on average if the NFP reading fell short of market consensus. On the flip side, gold declined by $1.44 on average on positive surprises. This finding suggests that investors’ immediate reaction is likely to be more significant to a disappointing print.
Note
By; By : Eren SengezerFXStreet
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.