Gold has decline almost $22 on Friday after better than expected US non-farm payroll. The yellow metal declined till $1327 and is currently trading around $1331.95.
US economy has added 20000 jobs for the month of Jan compared to forecast of 18000. Wage growth has improved a lot and gained 2.9% on the annualized basis, the best gain since 2009. US dollar index gained almost 80 pips from the low of 88.59. US 10 year yield hits 4- year high of 2.85% after strong jobs report.
The yellow metal has closed below 20 –day MA and this confirms further weakness , a decline till $1320/$1309 (55- day EMA) is possible.
On the higher side near term resistance is around $1352 and break above targets $1357/$1366. Bullish continuation only above $1365. The minor resistance is around $1343/$1347.
It is good to sell on rallies around $1335-37 with SL around $1343 for the TP of $1320/$1309.55.
sl hit ..... your all every post every idea sl hit ............
FxWirePro
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@ShivamVerma, stop following .expect gold all target hit yesterday
MedinTrade
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@FxWirePro Hi, how are you? Do you think there is a chance that the trend actually reversed on the bigger time frame (4H-Daily)? As usual, thank you for your time and knowledge.
FxWirePro
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@MedinTrade, Yes after lot of consolidation broken $1332 level . So there is chance of selling. No trend reversal and all. Another $10 selling possible
MedinTrade
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@FxWirePro, ok thank you, I was hoping to leave my position open for few days lol, I'll just keep an eye then. Thanks