GOLD: Correction for potential accumulation.
is growing during the week. The asset is performing well in the face of economic uncertainty and a dollar drop. After a minor modification, the train might go north again.
Markets are keeping an eye on US-China trade talks, which are alleviating fears of a global trade war, as well as Trump's Middle East efforts, which are reducing demand for the US dollar as a safe-haven asset. Furthermore, a rising yen puts pressure on the US dollar, which supports gold.
Investors are focused on Friday's NFP report, which may influence the Fed's future measures. Weekly jobless claims and Federal Reserve statements are also monitored. The market is quite aggressive on any radical action by Trump because this evaluation is tied to global concerns.
Technically, the price is correcting to gather liquidity and potential for future gains. Below are some strong support levels that could send the price back.
Support levels: 2845-2850 and 2830.
Resistance levels: 2860, 2872, and 2882.
Trade Active
Gold is testing the previously defined support zone.
The accent is on 2845-2840. If the bulls keep the defense above this zone, it is worth waiting for gains in the short-term.
As part of the upward corrective, the price may test the 0.5-0.7 Fibo level, as well as the previously broken ascending channel barrier. There are no technical or fundamental grounds to break the trend; growth may continue despite a fake collapse.
By Nexus Trades Zone
Markets are keeping an eye on US-China trade talks, which are alleviating fears of a global trade war, as well as Trump's Middle East efforts, which are reducing demand for the US dollar as a safe-haven asset. Furthermore, a rising yen puts pressure on the US dollar, which supports gold.
Investors are focused on Friday's NFP report, which may influence the Fed's future measures. Weekly jobless claims and Federal Reserve statements are also monitored. The market is quite aggressive on any radical action by Trump because this evaluation is tied to global concerns.
Technically, the price is correcting to gather liquidity and potential for future gains. Below are some strong support levels that could send the price back.
Support levels: 2845-2850 and 2830.
Resistance levels: 2860, 2872, and 2882.
Trade Active
Gold is testing the previously defined support zone.
The accent is on 2845-2840. If the bulls keep the defense above this zone, it is worth waiting for gains in the short-term.
As part of the upward corrective, the price may test the 0.5-0.7 Fibo level, as well as the previously broken ascending channel barrier. There are no technical or fundamental grounds to break the trend; growth may continue despite a fake collapse.
By Nexus Trades Zone
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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.