Gold trades near all-time high, awaiting US NFP report
If sellers increase their positions, gold could test immediate support at Thursday's session low at $2,144, then Wednesday's session bottom at $2,121, with the 23.6% Fibo level of the rally from the bottom on May 14. 2 to peak on March 7. Breaking through these supports, gold's downward momentum could extend to the $2,100 area.
On the contrary, any correction in gold is a good opportunity to buy because gold's upward momentum is still there after the 21-day MA increased above the 50-day MA. Bulls could return to test the all-time high at $2,165, with the next target at $2,180 and the $2,200 mark.
Technically, gold price is in wave 5 of the Elliott wave pattern and could reach the target range from 2300 Fibo 361 to 2600 Fibo 461 based on Fib Extension milestones. It is difficult to predict a record high price without more information, so we need to wait for time to get an answer. This week, the weekly range is above 100 and the trading plan for next week includes selling near the 2300 resistance and buying if the price corrects back to the 2100 resistance mark.
If sellers increase their positions, gold could test immediate support at Thursday's session low at $2,144, then Wednesday's session bottom at $2,121, with the 23.6% Fibo level of the rally from the bottom on May 14. 2 to peak on March 7. Breaking through these supports, gold's downward momentum could extend to the $2,100 area.
On the contrary, any correction in gold is a good opportunity to buy because gold's upward momentum is still there after the 21-day MA increased above the 50-day MA. Bulls could return to test the all-time high at $2,165, with the next target at $2,180 and the $2,200 mark.
Technically, gold price is in wave 5 of the Elliott wave pattern and could reach the target range from 2300 Fibo 361 to 2600 Fibo 461 based on Fib Extension milestones. It is difficult to predict a record high price without more information, so we need to wait for time to get an answer. This week, the weekly range is above 100 and the trading plan for next week includes selling near the 2300 resistance and buying if the price corrects back to the 2100 resistance mark.
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RUNNING + 20PIPS
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RUNNING + 40 PIPS
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BUY 2178
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RUNNING + 20PIPS
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CLOSE + 50 PIPSS
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TP1: 2189
tp2: 2199