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Gold price awaits breakout - NF volatility

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GOLDEN INFORMATION:

Gold price (XAU/USD) tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar (USD). The US employment report for February will take center stage later on Friday.

Surging oil and gas prices due to Middle East conflicts have fueled fresh inflation fears, causing traders to scale back bets on further easing by the Fed. This, in turn, lifts the Greenback and weighs on the USD-denominated commodity price.

⭐️Personal comments NOVA:

Gold prices are moving sideways along two trend lines, awaiting a breakout and volatility along with the NFP report. Two key areas to watch: 5000 and 5260.

⭐️SET UP GOLD PRICE

🔥SELL GOLD zone: 5259 - 5261 SL 5266
TP1: $5240
TP2: $5220
TP3: $5200

🔥BUY GOLD zone: 5000- 4998 SL 4993
TP1: $5020
TP2: $5040
TP3: $5075

⭐️Technical analysis: Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable BUY order.

⭐️NOTE:

Note: Nova wishes traders to manage their capital well
- take the number of lots that match your capital
- Takeprofit equal to 4-6% of capital account
- Stoplose equal to 2-3% of capital account

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