🏅GOLD - Consolidation before NFP

5 Mei 2023Gold forms a 2048-2019 range. There is a possibility that before the release of NFP data, the price may reduce volatility and stand in a narrow range

TA on the high timeframe:
1) NFP is expected to be positive for gold, hence the price of the metal could get stronger all the way to 2080-2100
2) The trend is ascending.
3) On the daily chart there is a false-break-down of the level of 2048, which forms a correction towards support

TA on the low timeframe:
1) Retest of the rising support line, if the line breaks, the gold could continue a correction to 2030, then to 2020
2) Since the price is in a range, this set-up scenario implies a retest of the lower boundary.
3) After a retest of one of the strong supports and the publication of the NFP, the price may rise. Targets 2048, 2067, 2075, 2080 and 2100.

Key support: 2030, 2020
Key resistance: 2040, 2048