GOLD - UNDER NEWS PRESSURE
Güncellendi
Gold prices edged higher on Friday but headed for a second straight week of decline, while market participants braced for the U.S. payrolls data that is expected to provide cues on the interest rate cut trajectory.
Gold experienced a decline yesterday, trading below the critical support level of $2,640. Today, the market's attention is focused on key economic data releases, including average hourly earnings, nonfarm payrolls, and the unemployment rate.
Under the current market conditions, we foresee a continued corrective movement in the gold price, with the potential to approach or test the resistance level of $2,662. Following this, we anticipate a significant decline, driving the price below the $2,640 support level. Should the price sustain trading below this level, further movement toward the next support level at $2,605 is likely.
A sustained move above $2,662 is crucial to confirm a bullish reversal while trading below $2,640 could drive the price down to $2,605. Upcoming economic data will play a key role in determining the market's direction.
Tendency Keys: 2640
Gold experienced a decline yesterday, trading below the critical support level of $2,640. Today, the market's attention is focused on key economic data releases, including average hourly earnings, nonfarm payrolls, and the unemployment rate.
Under the current market conditions, we foresee a continued corrective movement in the gold price, with the potential to approach or test the resistance level of $2,662. Following this, we anticipate a significant decline, driving the price below the $2,640 support level. Should the price sustain trading below this level, further movement toward the next support level at $2,605 is likely.
A sustained move above $2,662 is crucial to confirm a bullish reversal while trading below $2,640 could drive the price down to $2,605. Upcoming economic data will play a key role in determining the market's direction.
Tendency Keys: 2640
İşlem aktif
As we mentioned, currently the price has closed the 4H candle below 2940 and will now try to fall toward 2605 and 2566.
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With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
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