GOLD NFP Week
Gold:
Weekly Outlook:
Gold has continued to consolidate over the past week, with it still managing to hold over
1950 support which is a solid sign going forward.
If Gold continues to hold above 1950 going forward, expect a move back up to
2040-2050 to re-test that resistance. Over 2050 would lead to 2075, and then above that is
all time highs.
Over 2075 would lead to targets of 2100/2150/2200 and potentially higher.
If Gold is unable to hold above 1950 going forward, expect a move back down to
1900/1880/1850/1800.
As long as 1800 is held as the macro higher low of trend, the bulls will remain in control
in this chart even despite a pullback.
NFP Day:
Moving swiftly after rejecting 2060 and 2050 area. In another world we are deeply planted in sells at 2050 and fully secured at this level (2040.30).
If the 2040 area holds as support, we could see a reversal towards 2049.23. A break above 2053 will result in a harvest at 2087.
However, if the price breaks below the 2040 level, we should see a drop towards 2030.75. If the price continues to decline, it could gravitate towards 2018 and 2013.
If the price rejects the 2013 level, we could see an opportunity to go long towards 2080 and 2100. But, if the 2013 level fails to hold, we should expect the price to continue lower towards the 1985 area.
Weekly Outlook:
Gold has continued to consolidate over the past week, with it still managing to hold over
1950 support which is a solid sign going forward.
If Gold continues to hold above 1950 going forward, expect a move back up to
2040-2050 to re-test that resistance. Over 2050 would lead to 2075, and then above that is
all time highs.
Over 2075 would lead to targets of 2100/2150/2200 and potentially higher.
If Gold is unable to hold above 1950 going forward, expect a move back down to
1900/1880/1850/1800.
As long as 1800 is held as the macro higher low of trend, the bulls will remain in control
in this chart even despite a pullback.
NFP Day:
Moving swiftly after rejecting 2060 and 2050 area. In another world we are deeply planted in sells at 2050 and fully secured at this level (2040.30).
If the 2040 area holds as support, we could see a reversal towards 2049.23. A break above 2053 will result in a harvest at 2087.
However, if the price breaks below the 2040 level, we should see a drop towards 2030.75. If the price continues to decline, it could gravitate towards 2018 and 2013.
If the price rejects the 2013 level, we could see an opportunity to go long towards 2080 and 2100. But, if the 2013 level fails to hold, we should expect the price to continue lower towards the 1985 area.
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