decentshaw

Gold: SELL Tops

Short
FX:XAUUSD   Or / Dollar Américain
Gold: After the crash on last Thursdays (US-GDP announcement) , Gold is licking its wounds. However upward trend is broken in short term. Gold is unable to surpass 1960-63 Level comprehensively on Friday and also today so far. This week is crucial as it has US Non Farm Pyroll announcement. US labour market is strong and i am expecting strong results of a resilient economy. With interest rate high every where in the world, We may expect non-yielding yellow metal to face the heat. Traders confidence is back on the US economy after the strong GDP report on Thursday. With this i think Gold will face challenge to its safe heaven status in such environment. My bias is negtive for now. Immediate resistance are 1965-1970 after 1982-1985 which will be my Selling Zone ( Resistance: 100 DMA, FIB, 20-50 SMA 4H). 1951 (20-50 DMA) and 1942 (200 SMA-4H, 100 Daily EMA) will be support areas (Intra day) These will be my TPs. Good Luck! I Wish u a very profitable week.
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