Gold- NFP could bring reversal

Jun 7, 2024

In my video yesterday, I mentioned a possible upward continuation for gold and identified 2355 as the buy zone.
Indeed, the price reversed upward precisely from that zone and reached a local high of around 2388.
However, the rise after breaking the resistance is overlapping, indicating selling at higher levels. Additionally, the recent upward movement is contained within a rising wedge, suggesting a potential reversal.

My strategy is to sell rallies around 2400, targeting a level near yesterday's low.
In the longer term, if the bulls are unable to maintain the 2350 zone, there is still the possibility of a drop below 2300.

Jun 7, 2024

Note

Gold dropped hard before NFP putting in a major false break that led to the break of the wedge's support

Jun 7, 2024

Note

NFP has added a huge drop for Gold today and, at the time of updating, the daily dive is more than 650 pips.
Also, looking at the weekly chart, we also have a huge Pin Bar in place.
With an overall structure strongly bearish, the adds for a drop to 2200 are huge