GOLD → Paranormal growth on the back of strong NFP... for OANDA:XAUUSD by RLinda

GOLD → Paranormal growth on the back of strong NFP...

is rising with the dollar and strong NFP data. Those who shouted that the metal is ceasing to play the safe haven function are very much mistaken :)

The surprise of rising NFP data and rising gold, which is not specific in this context, surprised the market quite a lot. After all, rising data points to a more hawkish stance of the Fed and generally medium-term policy in the US. But based on the environment, we can say that gold is rising because of the risks of the policy of Trump, whose inauguration will be held on January 20.
Now all eyes are on the US Inflation data. The upcoming week, will be quite interesting.
Technically: GOLD is breaking the consolidation resistance (symmetrical triangle) and is trying to consolidate above this boundary. Most likely, the struggle will continue and the price may test the previously broken figure boundary or liquidity zone 2675 - 2664, which will determine the further development of events.

Resistance levels: 2698, 2721, 2750
Support levels: 2675, 2665

The situation is quite unstable, as there are too many factors putting pressure on the prices.
Accordingly: if after the retest the bulls are able to keep the price above 2680-2690, the growth may continue in the mid-term (till January 20 approximately).
But! If the bullish structure will be broken and bears will start to keep the price below 2680, it can provoke correction to 2665, 2650.

Regards R. Linda!

Trade active

A retest of the previously broken channel boundary is being formed.
The market is testing the area with a false breakdown. After testing the bulls are trying to keep the defense above the boundary, forming consolidation

RLinda

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