Gold is down to support before the release of the non-farm payrolls data. Earlier the price hit a new high at 2032, after which a technical pullback to the support of the price channel is forming. What to expect from the price today?
The forex market may be slow today as many countries meet "Good Friday" but also, we have the NFP data release today.
The forecast is for job cuts, so if the actual numbers are confirmed, the dollar could weaken a bit, which would affect the forex market.
Key support: 2000 (false-break or rebound strategy), 1990
The key resistance: 2012 (false-break) 2025 (breakout)
I think that the release of the actually underreported data might have a positive effect on the gold price and we will see a bounce of the price from the uptrend channel support, but I do not expect much of a market reaction, as a large part of the market is down today.
The forex market may be slow today as many countries meet "Good Friday" but also, we have the NFP data release today.
The forecast is for job cuts, so if the actual numbers are confirmed, the dollar could weaken a bit, which would affect the forex market.
Key support: 2000 (false-break or rebound strategy), 1990
The key resistance: 2012 (false-break) 2025 (breakout)
I think that the release of the actually underreported data might have a positive effect on the gold price and we will see a bounce of the price from the uptrend channel support, but I do not expect much of a market reaction, as a large part of the market is down today.