We strongly believe that TA does not have weight on a non-technical market, we experienced this yesterday as Gold dropped over $50 and nobody knew why, despite what they say publicly :) However, we can't ignore TA completely, that wouldn't be smart.
Our chart illustrates weekly and monthly fibo targeted support levels. If Gold breaks weekly 62.8% support level this week (specially if NFP is >150k) price could extend to monthly support at 50% as indicated on the chart. The 1200 level is significant as multiple technical support levels confluence (see our Monthly published charts below).
We note USDJPY PA to analyze the Gold market as we strongly believe the correlation is very strong this year.
Disclaimer: Shorts from 1363, 1347 and 1315 being managed with TP1 at 1293 (closed 33%), TP2 at 1254s and finally TP3 at 1212s (subject to market conditions). Long added at 1293 stopped out at $4 loss. Long at 1283 and 1266s being maintained - no SL applied yet. Reduced risk applied to longs.
Please trade at your own risk. Don't take me seriously. :))
Our chart illustrates weekly and monthly fibo targeted support levels. If Gold breaks weekly 62.8% support level this week (specially if NFP is >150k) price could extend to monthly support at 50% as indicated on the chart. The 1200 level is significant as multiple technical support levels confluence (see our Monthly published charts below).
We note USDJPY PA to analyze the Gold market as we strongly believe the correlation is very strong this year.
Disclaimer: Shorts from 1363, 1347 and 1315 being managed with TP1 at 1293 (closed 33%), TP2 at 1254s and finally TP3 at 1212s (subject to market conditions). Long added at 1293 stopped out at $4 loss. Long at 1283 and 1266s being maintained - no SL applied yet. Reduced risk applied to longs.
Please trade at your own risk. Don't take me seriously. :))
