Gold seems to be hesitating where to head now. This becomes clear from viewing the D1 Chart. For the past almost three weeks Gold has been trading in range just enough to stay on the support line.
As traders and investors eye the US economic data scheduled for tomorrow, the yellow metal gained some $7 to its price today.
Although it seems Gold has made a breakout below the support line, this does not imply a new channel just yet. It might be a fake breakout and knowing the behavior of Gold, it would not be surprising to see it skyrocket tomorrow.
We'll see what effect the US NFP will have on it tomorrow.
ReplyDeleteVery good analysis.
ReplyDeleteGood reporting, excellent.
ReplyDeleteNFP today, let's see.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteGood analysis, followng the development.
ReplyDeleteWell spotted. I will keep watching the development of the price.
ReplyDeleteVery good analysis.
ReplyDelete