Gold is currently holding around 4400. Personally, I don’t think gold has fully turned bearish; the drop is only because the Non-Farm Payrolls data affected it.
From my perspective, 4350–4280 is the key support zone. Early last week, gold quickly dipped from the 4440 area. On Tuesday, it bottomed at about 4283, then rebounded continuously. On Thursday and Friday it pushed back up to around 4510 again, but it failed to hold above 4500 both times.
Strong sell pressure has formed above 4500. The 4400 area isn’t a very good spot for either going long or short. If you have to trade, look for a short entry around 4420. A move around 50 dollars down from there would be totally reasonable.
Gold’s uncertainty is too high, so you should still focus on this week’s PPI and CPI $XAUT
From my perspective, 4350–4280 is the key support zone. Early last week, gold quickly dipped from the 4440 area. On Tuesday, it bottomed at about 4283, then rebounded continuously. On Thursday and Friday it pushed back up to around 4510 again, but it failed to hold above 4500 both times.
Strong sell pressure has formed above 4500. The 4400 area isn’t a very good spot for either going long or short. If you have to trade, look for a short entry around 4420. A move around 50 dollars down from there would be totally reasonable.
Gold’s uncertainty is too high, so you should still focus on this week’s PPI and CPI $XAUT