After disappointing NFP reports the price of gold rose to 1845, which in turn weakened the US dollar by correlation effect.
On the technical side we are currently on a large horizontal resistance at 1855 and an oblique resistance which constitutes the top of the channel.
Despite weak NFP figures for the month of May, the price remains globally in a bearish trend. Having reached the 1845 threshold this first Friday of May, the correction is still possible.
For a better risk/reward ratio, selling remains the best option from a technical point of view with a target of 1780.
On the technical side we are currently on a large horizontal resistance at 1855 and an oblique resistance which constitutes the top of the channel.
Despite weak NFP figures for the month of May, the price remains globally in a bearish trend. Having reached the 1845 threshold this first Friday of May, the correction is still possible.
For a better risk/reward ratio, selling remains the best option from a technical point of view with a target of 1780.
