Gold Analysis Ahead of NFP Report: Will it Fall ? (READ CAPTION)

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By analyzing the gold chart on the 4-hour timeframe, we observe that the price is trading around $2364 and is close to the supply zone of $2369 to $2387. Today, we have the NFP report being released, and if the actual figures exceed the forecasted numbers, we are likely to see the dollar index strengthen, leading to a potential drop in gold prices. In case of a decline, the potential targets would be $2350, $2342, $2337, and $2318, respectively.

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Best Regards , Arman Shaban

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Nota

As expected, with the actual NFP figure exceeding the forecast, we saw an initial drop in gold prices. Gold fell from $2369 to $2349, hitting our first target with a 200-pip drop right after the news was released. However, given the mixed data, gold quickly recovered and even surged to $2376.

Currently, gold is trading around $2374. We need to observe if the price will be rejected from this area again. I hope you found today’s technical and fundamental analysis insightful and beneficial!