SL Triggered, NFP Incoming: Will Gold Push to New Highs?
Updated
Yesterday, I took a stop loss, which is, of course, a normal part of trading.
What’s ironic, though, is that overall, I’m bullish on Gold. Even more ironic is the fact that in my Monday analysis, I mentioned that Gold would likely test the 2480 zone before continuing its upward trend.
I even spotted the 'double Pin Bar formation' at the bottom, yet I remained short.
Ultimately, my ego and the desire 'to be right'—thinking Gold would dip to the 2450 zone before reversing—got the best of me.
Anyway, let’s move on to today’s analysis...
As I mentioned earlier, after Gold fell into the significant support area around 2480 on Tuesday, the price bounced back to the upside. The following day, despite another wave of selling pressure, the price reversed again, leaving behind a 'Double Pin Bar' formation on the chart.
Yesterday, the price broke above the 2505-2507 zone, which also confirmed a short-term double bottom formation. At the time of this article’s publication, the price stands at 2518, and the entire structure we’ve discussed is highly bullish.
Looking ahead, as long as the 2505 level holds, the chances for a new all-time high are very strong. The measured target, should 2530 be breached, is 2590.
Currently, I’m 'out of the market,' awaiting the NFP data for further clarification. I will update my analysis accordingly once the data is released.
What’s ironic, though, is that overall, I’m bullish on Gold. Even more ironic is the fact that in my Monday analysis, I mentioned that Gold would likely test the 2480 zone before continuing its upward trend.
I even spotted the 'double Pin Bar formation' at the bottom, yet I remained short.
Ultimately, my ego and the desire 'to be right'—thinking Gold would dip to the 2450 zone before reversing—got the best of me.
Anyway, let’s move on to today’s analysis...
As I mentioned earlier, after Gold fell into the significant support area around 2480 on Tuesday, the price bounced back to the upside. The following day, despite another wave of selling pressure, the price reversed again, leaving behind a 'Double Pin Bar' formation on the chart.
Yesterday, the price broke above the 2505-2507 zone, which also confirmed a short-term double bottom formation. At the time of this article’s publication, the price stands at 2518, and the entire structure we’ve discussed is highly bullish.
Looking ahead, as long as the 2505 level holds, the chances for a new all-time high are very strong. The measured target, should 2530 be breached, is 2590.
Currently, I’m 'out of the market,' awaiting the NFP data for further clarification. I will update my analysis accordingly once the data is released.
Trade active
NFP coming in 30 minutes.
2505 zone needs to remain intact for bulls to maintain the upper hand
Trade active
The weaker-than-expected Non-Farm Payroll (NFP) report, which revealed only 142,000 jobs added—significantly below forecasts—has had a bullish effect on gold. This is because the disappointing job data amplifies expectations that the Federal Reserve might pivot towards rate cuts. A potential rate cut would typically weaken the U.S. dollar, reduce bond yields, and, as a result, make gold more attractive to investors seeking a safe-haven asset.
In conclusion, the weak NFP report signals a bullish outlook for gold in the near term as the market braces for possible changes in Fed policy, which would further support gold’s rise.
From a technical standpoint, as said earlier, 2505 MUST remain intact
The price was shy under the previous ATH and a 4h candle close towards the upside of the daily range should lead to a break
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