Gold Forecast: Markets Pierce Support during Friday Session

The candlestick looks a bit better than a few hours ago, but currently I think it is moving to a pullback. The gold market was slightly down during Thursday’s trading, but as you can see, has turned around and is showing signs of life again. The gold market is definitely negative and has been for some time. But we’re looking at a market that has to deal with Friday jobs, so that obviously has a lot to do with what’s going on with the US dollar. Advertisement Ready to trade gold? We take care of you! Begin! The candlestick looks a little better than a few hours ago, but for now I think it’s pulling the position to jobs. After all, many people are worried about the possibility of surprise, so we may have a knee-jerk reaction to the increase. I think this is a good selling opportunity because frankly, the US dollar will remain very strong going forward, as will the exchange rates. However, it’s probably worth noting that the market doesn’t necessarily have to collapse all at once. In fact, it is probably more likely than not that it will move to the $1,600 level over the next few sessions, if not weeks. Try to find shorting opportunities I like the idea of ​​rallies fading and I’m just not interested in this market for long. Remember, when you buy gold, you are essentially shorting the US dollar, and while you can argue that the US dollar is overbought in the short term, the reality is that the trajectory is still the same. Therefore, it is very likely that when the market rises and then shows signs of exhaustion, there will be many sellers ready to jump in. Additionally, the $1,680 level remains resilient and is likely worth noting, as the 50-day EMA also sits there. So I believe it will be very difficult to break there and the path of easier resistance is down. It’s not that we’re going to suddenly become bearish and aggressively dominant, but I think it’s still a prison through which you have to look at this market and try to find short-term opportunities.

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