Gold price margin analysis before NONFARM

7 juin 2024

💥Gold reacted strongly at the 2385 resistance zone as traders waited for the important US Nonfarm Payrolls report. Gold prices continued to rise and hit a 2-week high as US bond yields fell after Latest labor report. Published data showing signs of "cooling down" in the US labor market have reinforced the possibility that the US Federal Reserve (Fed) will cut interest rates in September. Currently, investors are still hot. Please wait for US non-farm payroll data to be more certain about this expectation.

💥RSI in the h2 time frame shows signs of divergence and has gradually escaped the overbought area. It can be seen that the buying force has weakened when the price touched 2385. The uptrend is still there with strong support from the EMA 34 and EMA 89 which are still rising strongly in the large time frames h4 h2 d1. Therefore, the price reaction at 2385 could be a stepping stone for gold to reach 2400.

💥Technical points to pay attention to for the best trading signals:
Support: 2370-2355
Resistance: 2395- 2405

7 juin 2024

Note

BUY zone 2355 + 50 pips

7 juin 2024

Note

BUY GOLD 2050 now

7 juin 2024

Trade fermée: ordre d’arrêt atteint

Gold broke all support levels and reached 2337 before NF