RLinda ! GOLD-> The lull in prices before the news

7 oct. 2022

Gold prices are declining Thursday as part of a correction due to a rise in the dollar index. Investors are refraining from making big bets ahead of the U.S. jobs data release.

The DXY dollar index rose 0.4 percent. U.S. 10-year Treasury bond yields are also rising.


Markets are now on hold and almost all have moved into a consolidation phase (from a technical analysis standpoint) as investors wait for U.S. labor market data
*Pay attention to the charts (Major currency pairs and the Dollar Index in a sideways range)


On the local chart, we see a price correction after a breakdown of the strong trend line. I assume that since the price is in the waiting phase, it might consolidate and trade in the range between 1700-1730 for a while. We'll keep an eye on the news. My expectation is that price may test the strong trend line with a false breakdown and then continue to rise.

Let's watch the price reaction to the news. The short-term target is the channel resistance and the medium-term target is the 1765 liquidity zone.

Regards R. Linda!