Confusing before NFP!
By: Ahura Chalki
The first week of the month and NFP! Wednesday and Thursday are important because based on realized news and data in these two days traders trying to guess what will be NFP results. For today U.S. Markit Composite PMI, Services PMI, and ISM Non-manufacturing PMI will lead the market. The expectation is to have volatility day in Gold price, as all those news are very important, especially after yesterday’s Mr. Powell speech which brought some hope on the market and US stocks and Indices have been gaining some of their loss of past weeks during US season. Generally, analysts have a positive view, which weighted on the Gold price as well in the past two days and did not let it move above $1330, its psychological current resistance level.
From the technical side, RSI flat movement around 50-level, but above has a very slight sign of not being bearish, yet, while Stochastic moves above 80-level of overbought and candles are formed above the Middle line of Bollinger Bands in the H1 chart from yesterday’s EU season.
Pivot point: 1324.83
Resistance levels: 1329.81 / 1334.03
Support levels: 1320.61 / 1315.63
The expected trading range for today is between 1315.63 support and 1334.03 resistance.
The analyses here are just an Idea and no investment consulting. Invest in the Financial market has a high level of risk. In case if you are looking for a personal investment consultant, can contact us.