Gold Analysis Ahead of NFP Report: Will it Fall ? (READ CAPTION)
Updated
By analyzing the gold chart on the 4-hour timeframe, we observe that the price is trading around $2364 and is close to the supply zone of $2369 to $2387. Today, we have the NFP report being released, and if the actual figures exceed the forecasted numbers, we are likely to see the dollar index strengthen, leading to a potential drop in gold prices. In case of a decline, the potential targets would be $2350, $2342, $2337, and $2318, respectively.
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Best Regards , Arman Shaban
Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !
Best Regards , Arman Shaban
Comment
As expected, with the actual NFP figure exceeding the forecast, we saw an initial drop in gold prices. Gold fell from $2369 to $2349, hitting our first target with a 200-pip drop right after the news was released. However, given the mixed data, gold quickly recovered and even surged to $2376.Currently, gold is trading around $2374. We need to observe if the price will be rejected from this area again. I hope you found today’s technical and fundamental analysis insightful and beneficial!
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