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Technical Analysis on Gold- Money life Research


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 ‼ ️In the trading session yesterday the world gold price went sideways in the range 1705-1724 ($ 19) and only fell sharply overnight after the speech of FED Chairman Powell pushed the US "bond yields".  continue to increase thereby putting downward pressure on Gold.  This caused the world gold price to decline from 1722 to 1689 ($ 33) closing the day which also ended with a 1700 piercing candle at 1695. Another strong decline session of the precious metal Gold.
 - As in many previous reports I mentioned the threshold around 1689 that this is the strong support of the gold precious metal on the weekly W1 chart timeframe, in my personal opinion around this price range 1686-1689.  Gold precious metal ability will have a recovery span in this Asian session after falling sharply last night.
 - With the break of the short-term support at 1701, this zone has become a short-term resistance in today's session, which is also a safe target for ace if the golden long is around 1689 and expectation.  Gold will recover to around 1710. At this price zone we should liquidity and wait for the next trend.
 - One more thing that is tonight will announce the non-agricultural payroll - Nonfarm from the United States, the market is expecting the Nonfarm payroll good today, but with the sharp decrease of Gold and  In my opinion we should stay out of the market tonight to watch.

Gold.jpg

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