Gold Analysis – 04.Oct.2024
Gold Analysis: In the latest analysis of the gold chart on the 30-minute timeframe, we can see that, as expected, yesterday the price rose to $2654, and exactly after reaching this key level, it faced heavy selling pressure and corrected by 175 pips down to $2637. After hitting the target of $2638 and gathering the liquidity below this level, buying pressure emerged, and today it managed to rise to $2667. Currently, gold is trading around $2656, and in less than 20 minutes, the NFP data will be released. If the figures come in higher than the forecast, it could lead to a decline in gold prices to lower levels, and conversely, if the figures are below the forecast, it could lead to an increase in gold prices. Please note that the risk of an Israel-Iran war still hangs over this market, so we should be cautious with our personal trades. Personally, I believe that today the NFP figures will be higher than expected, which may lead to a decline in gold prices. The potential targets are $2654.5, $2649, $2642.5, and $2638, respectively.
(This Post on TradingView)
Author : Arman Shaban
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