FxJennefir的OANDA:XAUUSD的GOLD price movement ahead of the NFP

GOLD price movement ahead of the NFP

Gold price movement ahead of the NFP report and have identified key support and resistance zones. Let's break down your forecast:

Current Price: 2866
Support Levels: 2860/58,
2nd 2852-50 These reversal zones

Buy Zone: If the price fails to react positively near the support and breaks below 2860/58, you anticipate a possible reversal from the 2852-50 range.

Target 1: 2885 if price rises and holds above the current level)

Target 2: 2889 a strong level of resistance; breaking From this Level Then,

Target 3: 2900 Then Last target

As for the NFP release, it can cause volatility in gold prices. Generally, if the data comes in stronger than expected, it might push the USD higher, which could put pressure on gold prices (if investors anticipate more aggressive rate hikes). On the other hand, a weaker-than-expected NFP number could favour gold as a safe-haven asset, potentially leading to a rise in price.

If the price of gold holds above 2860/58 or manages to reverse from 2852-50, the buying momentum you expect could carry it toward the targets as i mentioned.

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