XAUUSD (GOLD), Potential Big Drop from NFP
Moments away from NFP. Economists expect the data to show that the economy added more than 575,000 jobs in March as the country continued to open. This will be a better figure than the 465,000 jobs that were created in February
On the technical side of things, we can see that price is approaching a key resistance near 1790$ and is looking to be losing its bull momentum.
We may see a strong wick towards the resistance and psychological level at 1800$ and then a slide towards next major support at 1730$
Should price form a break above 1800, then the selling setup is no longer valid
On the technical side of things, we can see that price is approaching a key resistance near 1790$ and is looking to be losing its bull momentum.
We may see a strong wick towards the resistance and psychological level at 1800$ and then a slide towards next major support at 1730$
Should price form a break above 1800, then the selling setup is no longer valid