We’re anticipate some bulls following the recent NFP release. The release has put the dollar in a bad position and it’ll be a run towards recovery for the dollar. Although Gold wasn’t able to close such significant gains due to the Unemployment News release, we still expect further bulls nevertheless.
Our technical analysts suggest we are gonna see some bulls on Gold in the long run. This could potentially start a new swing move towards 2000+
Our analysis on the daily suggests a bullish move forming. Of course we will keep studying to further confirm the move but all finger-pointing upwards. A head and shoulder pattern is on the very of completion which we prefer to mark the end of the temporary bearish run for the pair. We can also spot the trending pattern on the pair and finally weakening.
Anticipating a breakout upwards seems to be the best move considering both technicals and fundamentals are on our side. Our next huge challenge will be timing. Timing the entry on this instrument will be very key, we’d have to avoid stop hunts or emotional attachments.
Considering the H1 chat above, we have been able to establish 4 key zones which could potentially affect price action. The most important zones anyway in this analysis are the R1,R2,R3 zones. These zones will serve as our key levels for profits and further analysis as they’ve acted against the market in recent times.
Our forecast for Gold in the coming months is expecting to see the bulls push this instrument to comfortably trade above $2020