Gold: Today is US NFP announcement, the NFP day. Gold exhibit mix signals. Its chart possess multiple structures. From Bottom it is inverted Head and shoulder. From up is has vicious 2145 rejection wick Head and shoulder. And from yesterday touching of 2039 level it has left another head and shoulder on 4 H chart which exhibits selling pressure is dominant.
On other Hand it has made Lower highs and higher highs from yesterday movement. Chart also exhibit double bottom at 2020 and double top at 2040.
MACD (4H) shows Selling pressure prevails but also show diminishing red bars.
I will preferably wait for NFP announcement today. I may enter trade heavily on breaking of 2020 or 2050 levels. If 2052 is broken today. I will enter long for target of 2080 and 2100. If 2017-2020 is broken, i will enter short with target of 2006 (20 DMA) and 2000 level.
As per technical I am neutral to bearish.
Anyways. It all about NFP. Good Luck!
(Its not a investment advice)
On other Hand it has made Lower highs and higher highs from yesterday movement. Chart also exhibit double bottom at 2020 and double top at 2040.
MACD (4H) shows Selling pressure prevails but also show diminishing red bars.
I will preferably wait for NFP announcement today. I may enter trade heavily on breaking of 2020 or 2050 levels. If 2052 is broken today. I will enter long for target of 2080 and 2100. If 2017-2020 is broken, i will enter short with target of 2006 (20 DMA) and 2000 level.
As per technical I am neutral to bearish.
Anyways. It all about NFP. Good Luck!
(Its not a investment advice)