Mihai_Iacob

Gold- Before NFP and beyond technical analysis

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Let's think beyond technical analysis and consider what Gold is likely to do.

We all see it's at a support level, and we're expecting a correction after a 1000 pip drop. In the long term, it's in a descending channel, and to reach the channel's resistance, it needs to rise to 1880, which is 600 pips away.
So, two questions arise:
Is it that simple for Gold to stay put for three days so everyone can buy and profit?
Secondly, who's selling if everyone sees this? Are they blind, or do they want to lose?

With that in mind, I believe Gold will continue to decline, and I have two scenarios for NFP:

1. A spike up and then a drop below support.
2. A direct drop below support.

Of course, I could be wrong.

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