GOLD → Price range. All waiting for NFP

5 de mai. de 2023

Gold rallies to 2067. The strong movement stops and the price moves into a sideways range format and consolidation at the same time. What to expect from the price after NFP?

Analysts are expecting some negative news for the dollar, but for gold it will be a positive leverage that can form a bullish liquidity in the market.
The metal has been showing a lot of interest in the market lately based on fundamentals (weakening dollar, banking crisis, interests of big countries (like China)).
Moving averages act as a strong support. The price forms a counter-trend correction and tests the 0.5 Fibonacci area (2037 level). I think that within the trading day, before the news, the price may have time to test the 0.618 Fibo level.



Strong support: 2037 (false breakdown strategy), 2032 and 2030
Strong resistance: 2040 and 2047
Based on the analysts expectations from the NFP & UR data, my priority will be to expect an increase after a false break-up of the key support levels. I think this timing is not good for the dollar and the opposite for gold. The medium term outlook follows the bulls.

Regards to R. Linda!