XAUUSD Potential Forecast | 7th March 2023

Fundamental Backdrop
1. NFP this week will solidify the bias for GOLD.
2. There have been alot of bullish sentiments in the market surrounding GOLD.

Technical Confluences
1. Price has followed our previous forecast and have broken the H4 resistance (now support) at 1846.
2. Price have retraced and looks good to continue heading up to tap into the next H4 resistance at 1862.
3. Price is hovering well above the ichimoku cloud, signifying strong bullish intent in the market.
4. All eyes will be on NFP this Friday to dictate the future direction on GOLD.

Idea
If NFP comes out to be worse than expected, we can see bullish pressure coming in onto GOLD. However, if NFP comes out good, signifying the resilient economy of the US, price can flip bearish for GOLD.






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