XAUUSD possible reaction spot according to the PITCHFORK TOOL

5 feb 2021

Gold has seen a rather strong selling pressure in recent weeks mainly due to the USD's strength and the continuous rise of the bond market, especially at the beginning of this year. Today's sharp drop after the Initial Jobless Claims put on a stronger risk-on sentiment on the stock markets, only made the short-term picture worse making Gold buyers panic. Tomorrow's Nonfarm Payrolls report may bring even more volatility to the table.

My strategy for gold in long term is after all this stimulus check and according to Powell statement that they will not increase interest. I expect the price to interrupt the decline and begin to rise.