* Current analysis:
NonFarm News Friday, November 5, 2021 is a rarity for gold. It's rare to see good NF but gold rallied fast, and the USD index fell shortly after. That may be because the information that NF increases is not enough for the market to believe in the recovery of the US economy. It also means confirmation of last Wednesday's Fed news (Fed has dived, halfway, and unconfirmed). At the same time, the sharp drop in Treasury yields caused investors to turn to the safe haven, which is Gold. That's why gold prices go up.
Another thing is that Biden has not yet decided who to nominate for the position of Fed chair for the new term.
Currently, on the H1 frame, gold has crossed 2 levels in the H1 downtrend, 1795 and 1799. This represents a short-term uptrend in gold.
* Personal trading plan for next week:
Maybe gold will go to the 1920 resistance area and return to the old peak then increase to 1931 (Strong resistance area H1, H4, D1, W, ...). Next week's gold trend is expected to buy at 1795, 1799, 1809. At the beginning of the week you can sell at 1820.
This is personal opinion not investment advice.
NonFarm News Friday, November 5, 2021 is a rarity for gold. It's rare to see good NF but gold rallied fast, and the USD index fell shortly after. That may be because the information that NF increases is not enough for the market to believe in the recovery of the US economy. It also means confirmation of last Wednesday's Fed news (Fed has dived, halfway, and unconfirmed). At the same time, the sharp drop in Treasury yields caused investors to turn to the safe haven, which is Gold. That's why gold prices go up.
Another thing is that Biden has not yet decided who to nominate for the position of Fed chair for the new term.
Currently, on the H1 frame, gold has crossed 2 levels in the H1 downtrend, 1795 and 1799. This represents a short-term uptrend in gold.
* Personal trading plan for next week:
Maybe gold will go to the 1920 resistance area and return to the old peak then increase to 1931 (Strong resistance area H1, H4, D1, W, ...). Next week's gold trend is expected to buy at 1795, 1799, 1809. At the beginning of the week you can sell at 1820.
This is personal opinion not investment advice.