Gold Analysis – 07.Feb.2025
Gold Analysis: By analyzing the gold chart on the 30-minute timeframe, we can see that, as expected, the price started declining from the $2870 level yesterday, delivering an impressive 350-pip drop to $2834. Upon reaching this significant level, gold found strong demand and rebounded back to the $2870 zone. Currently, the price is trading around $2866, with the NFP report set to be released in an hour. If the NFP data comes in higher than expected, we could see a bearish move in gold, whereas a weaker-than-expected NFP report would likely fuel gold’s bullish momentum. I highly recommend avoiding trading 30 minutes before and after the report to allow the market to stabilize. Additionally, the break or rejection of the $2870 level will be crucial in determining the next directional move. Stay cautious and trade smart! This analysis will be updated based on market developments!
(This Post on TradingView)
Author : Arman Shaban
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