Gold is trading higher in the early opening hours of today's trading session. The precious metal reacted bearishly to the higher than expected NFP and Jobs data on Friday. The news release announced 218K jobs created and unemployment at 3.8%. Immediately there was a sell off in the precious metal but less than an hour later Gold was recovering what it lost.
The price on Friday went to $1,288 and touched upon the support line on the long term upward trading channel.
If it continues to go in that direction, Gold could soon reach the 200SMA and breaking through it can give Gold bugs a price above the psychological $1,300.
Chart: XAU/USD D1
Thank you for the analysis.
ReplyDeleteI'll keep your assessment in mind.
ReplyDeleteExcellent analysis, thank you!
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteGold entre consolidation mood.
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