I clearly pointed out this Monday that institutional players would carry out frequent shakeout manipulation before gold resumes its downtrend. Today’s NFP data was strongly bullish for gold, and institutions took advantage of this report to push prices sharply higher, liquidating nearly all short positions across the market.
The gold bearish trend has been disrupted by the data, and the market will enter another sideways consolidation phase. The data-driven rally is only temporary. Once its impact fades, gold will retest the 4020–4040 zone. If you hold stuck short orders, you can seize this rebound opportunity to close them temporarily.
Gold is expected to retest the resistance zone around 4180–4200 before launching the next leg of decline. Therefore, we need to wait patiently for valid entry signals. We can stay on the sidelines when market conditions are volatile, and I will release timely updates once trading opportunities emerge.
The gold bearish trend has been disrupted by the data, and the market will enter another sideways consolidation phase. The data-driven rally is only temporary. Once its impact fades, gold will retest the 4020–4040 zone. If you hold stuck short orders, you can seize this rebound opportunity to close them temporarily.
Gold is expected to retest the resistance zone around 4180–4200 before launching the next leg of decline. Therefore, we need to wait patiently for valid entry signals. We can stay on the sidelines when market conditions are volatile, and I will release timely updates once trading opportunities emerge.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.