Gold 03/08 Triple bottom patternThe dollar rose past the Fitch cut, taking support from much stronger-than-expected payrolls data released by ADP. The reading followed data earlier this week that showed some signs of a U.S. manufacturing and construction recovery.
The data spurred bets that the Federal Reserve will have enough economic headroom to hike rates further and keep them there - a scenario that bodes poorly for gold and metal markets.
At the 45m frame, we can see a triple bottom formation. we can hit short, I will place a buy order at the 1931-1934 support zone.
What is your idea? You can comment below. Thanks a lot
