In my post yesterday, I argued that multiple resistance levels exist above 2925, which could lead to a market decline.
Indeed, throughout the day, gold dipped below 2900 once again, but support held, keeping the price stuck in a range.
Looking ahead, today’s NFP data could act as a catalyst for a breakout from this range.
My bias remains bearish, and I expect a break of the support level, followed by a continuation downward toward last week's lows.
However, a breakout and sustained buying above 2925 would shift my outlook.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Indeed, throughout the day, gold dipped below 2900 once again, but support held, keeping the price stuck in a range.
Looking ahead, today’s NFP data could act as a catalyst for a breakout from this range.
My bias remains bearish, and I expect a break of the support level, followed by a continuation downward toward last week's lows.
However, a breakout and sustained buying above 2925 would shift my outlook.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.