Gold is moving on fundamentals. Technical also validates the fundamental changes in market.
This week’s Fundamental developments:
• FED kept interest rates un changed: Bearish for Gold
• Trade/tariff war seems to settle Down: Bearish for Gold.
• US GDP Results Positive: Bearish for Gold
• Inflation: Results High inflation in US: Bearish for Gold.
Now today on Friday we have US Nonfarm payroll announcement. If the NFP also comes positive. It will add more fuel in dollar buying and DXY bullish chart will add more bullish candles.
Technicals:
Price structure is bearish with Head and shoulders structure at top.
We are having bearish death cross on Daily chart. Last day daily candle present rejection of 3300 level. Lower chart show multiple rejections near 3300 level.
In such a case I see price testing 3250 & When price breaks it 3200 on horizon.
As of current 100 DMA is defending the Bulls at 3270.
Chart says the rest. Good Luck !
This week’s Fundamental developments:
• FED kept interest rates un changed: Bearish for Gold
• Trade/tariff war seems to settle Down: Bearish for Gold.
• US GDP Results Positive: Bearish for Gold
• Inflation: Results High inflation in US: Bearish for Gold.
Now today on Friday we have US Nonfarm payroll announcement. If the NFP also comes positive. It will add more fuel in dollar buying and DXY bullish chart will add more bullish candles.
Technicals:
Price structure is bearish with Head and shoulders structure at top.
We are having bearish death cross on Daily chart. Last day daily candle present rejection of 3300 level. Lower chart show multiple rejections near 3300 level.
In such a case I see price testing 3250 & When price breaks it 3200 on horizon.
As of current 100 DMA is defending the Bulls at 3270.
Chart says the rest. Good Luck !
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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.
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.