From a technical perspective, if the pre-breakout structure remains intact and gold prices continue to hit resistance and support in the 3344-3330 range, the probability of further gains is high, we need to wait for price stabilization to determine whether the next move is higher toward $3400, or if gold will face a strong rejection from these levels
The global macro trend is upward, with downside pressure on the Dollar, we also have Optimistic Markets so this makes investors want to go into RISK ON, where they move investments from Safe Havens to Riskier investments.
If we maintain the current macro trend and break through the resistance at 3347 and hold it, the next target will be higher targets. I do not rule out a pullback to 3325-3320 or lower (liquidity chasing) before we look for a higher push.
We have important Fundamentals this week, the main driver being NFP, typically NFP week sees all kinds of manipulated and range moves, so trade accordingly.
Higher targets are 3352-3355-3367-33375
Lower targets are 3320-3308
The global macro trend is upward, with downside pressure on the Dollar, we also have Optimistic Markets so this makes investors want to go into RISK ON, where they move investments from Safe Havens to Riskier investments.
If we maintain the current macro trend and break through the resistance at 3347 and hold it, the next target will be higher targets. I do not rule out a pullback to 3325-3320 or lower (liquidity chasing) before we look for a higher push.
We have important Fundamentals this week, the main driver being NFP, typically NFP week sees all kinds of manipulated and range moves, so trade accordingly.
Higher targets are 3352-3355-3367-33375
Lower targets are 3320-3308
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.
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.