Will The Bullishness Continue or A Retracement is on Cards?

6 Mar 2024

Gold has continued it's Bullish momentum as mentioned in previous Idea post.

From 2080 to 2130 we had anticipated the move, before the retracement begins, But Gold has surpassed 2130, that makes a case for further Bullishness opening

2150
2200

Although it is little less likely for Gold to Zest past 2150 without some retracement, But JOLTs and Powell could make it happen.

Although technically a Pullback is due.

In Summary:

2150
2120

Trending move on either side break is possible

2175 2200 on upside

2115 2090 2060 on Downside could be tested.

6 Mar 2024

Not

2150 respected as of now

6 Mar 2024

Not

2150 Has established as expected as great great resistance at end of today's trading session.

7 Mar 2024

Not

2156
2131

Are crucial immediate levels.

Trending move on either side break is possible.

2175 2200 on upside
Or
2115 2090 2060 on downside could be tested.

Another possible scenario is testing 2131 zone and going for 2160s, where some profit booking may be expected.

7 Mar 2024

Not

Going by Yesterday's Candle close, More Bullishness is possible.

7 Mar 2024

Not

Small correction.

Level is
2160 only and not 2156.

7 Mar 2024

Not

Gold as of writing as expected is not able to sustain above 2160.

Some retracement till 2140 is likely.

Below 2140,

2125

2115

Could be tested.

If 2140 is respected, then Gold may attempt 2180 2200 zone.

8 Mar 2024

Not

XAUUSD
NFP data somewhat favourable - 2200

NFP data Very much Favourable - 2250

NFP Data somewhat UnFavourable - 2150

NFP Data Very much Unfavorable - 2100

I'm expecting a 2150 scenario.

Let's See..

8 Mar 2024

Not

2180 zone attempt done

8 Mar 2024

Not

2200 Zone tested.

as expected

Explanation

2150 dip: NFP Data little hotter than expected.

2200 Rally : Unemployment Rate Shot and beat market est. Of 3.7 by 0.2 which is significant.

Making case for Fed to cut rates sooner.

Reducing the opportunity cost of holding gold making it Bullish!