Gold is heading towards $1375 as discussed here yesterday.
The question then arises is whether prices would cut through $1375-1380 resistance and move to $1400 and above or would prices retreat, thus firming a double top formation on the daily chart with neckline support at $1310.71
This depends on the non-farm payrolls and wage growth figure. If it’s a strong number, prices could form a double top formation.
On the other hand, a weak figure could see prices cut through $1375-1380 although it is advisable that positional traders wait for a day end closing above $1380.
The question then arises is whether prices would cut through $1375-1380 resistance and move to $1400 and above or would prices retreat, thus firming a double top formation on the daily chart with neckline support at $1310.71
This depends on the non-farm payrolls and wage growth figure. If it’s a strong number, prices could form a double top formation.
On the other hand, a weak figure could see prices cut through $1375-1380 although it is advisable that positional traders wait for a day end closing above $1380.
