GOLD → It all depends on NFP and Powell....

got shaken by 600 pips on both sides. Technically, after such a move the price may go into consolidation, but the near-term outlook will depend on NFP and Powell.

GOLD → Correction. Liquidity is the target. News ahead

Gold hit a high of 3168 and went into correction. President Trump's imposed duties on imports from China (up to 54%) and other countries caused a sharp drop in the dollar and bond yields, reinforcing expectations of a Fed rate cut. Traders turned to profit-taking, which led to a correction. Now the market is waiting for the NFP report and Powell's speech. Weak data may return the upward momentum to gold, especially if the dovish rate expectations are confirmed. However, volatility may persist after the publication, given the impact of Friday's flows and Powell's speech

Resistance levels: 3107, 3116, 3135
Support levels: 3086, 3067, 3055

Technically, it is difficult to determine a clear place from where to expect a move as there is news ahead (NFP, Powell's speech). But based on the falling dollar and high economic risks, we can bet on the continuation of the price growth from one of the mentioned support levels: 3086, 3067, 3055.
Exit from the channel and consolidation of the price above 3110 - 3116 will again attract increased interest in buying

Regards R. Linda!

RLinda

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