💡 GOLD: Momentum dropped sharply
This week holds significant importance for the Gold market as the FED's hawkish policy may exert downward pressure, given the recent drop in gold prices. Last week, gold reached a historic high of approximately $2,150 but subsequently tested the critical support level at $2,000 following the release of non-farm data. The Gold market's volatility has surpassed $140, marking the highest volatility since mid-August 2020.
Observing the aftermath of the US non-farm data release, gold experienced a notable decline and dipped below the 48-hour moving average. The MACD histogram's double line and bar are expanding below the 0 axis. Analyzing the H4 chart for gold, the technical recovery trend of the price appears relatively weak.
-> A useful strategy is to set a Sell Limit, stop loss is mandatory.
Observing the aftermath of the US non-farm data release, gold experienced a notable decline and dipped below the 48-hour moving average. The MACD histogram's double line and bar are expanding below the 0 axis. Analyzing the H4 chart for gold, the technical recovery trend of the price appears relatively weak.
-> A useful strategy is to set a Sell Limit, stop loss is mandatory.
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Gold going down
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