NFP came in low causing gold to explode higher, rate hike odds will be lowered and rates will probably not be raised in september, this means the fundamentals is in good favor for gold in the near term future.
the technicals are nice aswell, we got a nice bounce just below .382 on the bigger move and on a nice support level, we got also a nice buy signal where we crossed the neckline shortterm that might tell us gold is getting momentum upwards.
We got expected resistance on 1330 but this will most likely be broken very soon. Im buying gold right now with targets on the yellow areas, I will pick 1/3rd of my position on the 1st target and evaluate the other targets on new data.
Have a nice weekend
the technicals are nice aswell, we got a nice bounce just below .382 on the bigger move and on a nice support level, we got also a nice buy signal where we crossed the neckline shortterm that might tell us gold is getting momentum upwards.
We got expected resistance on 1330 but this will most likely be broken very soon. Im buying gold right now with targets on the yellow areas, I will pick 1/3rd of my position on the 1st target and evaluate the other targets on new data.
Have a nice weekend