Gold Rise on Weak U.S. Jobs Data, Bearish Below Key Resistance
Gold Futures Rise on Weak U.S. Jobs Data, Boosting Rate-Cut Optimism
Gold Technical Analysis for today
Current Outlook: Gold prices have once again approached resistance, driven by weak U.S. jobs data. However, today's release of ADP and ISM reports could negatively impact gold, especially if the ADP data comes in stronger than expected.
As long as the price remains below 2,516, it is likely to support a bearish move towards 2,500. A break below this level would extend the bearish trend towards 2,475. On the other hand, a 1-hour candle close above 2,516 would shift momentum upward, targeting 2,526. A break above 2,526 would activate a bullish trend.
Key Levels:
Pivot Point: 2516
Resistance Levels: 2526, 2532, 2543
Support Levels: 2502, 2484, 2475
Expected Trading Range: 2527 - 2484
Trend: Bearish while below 2516 and 2526.
previous idea:
Gold Technical Analysis for today
Current Outlook: Gold prices have once again approached resistance, driven by weak U.S. jobs data. However, today's release of ADP and ISM reports could negatively impact gold, especially if the ADP data comes in stronger than expected.
As long as the price remains below 2,516, it is likely to support a bearish move towards 2,500. A break below this level would extend the bearish trend towards 2,475. On the other hand, a 1-hour candle close above 2,516 would shift momentum upward, targeting 2,526. A break above 2,526 would activate a bullish trend.
Key Levels:
Pivot Point: 2516
Resistance Levels: 2526, 2532, 2543
Support Levels: 2502, 2484, 2475
Expected Trading Range: 2527 - 2484
Trend: Bearish while below 2516 and 2526.
previous idea:
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