💡 GOLD: Momentum dropped sharply
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This week holds significant importance for the Gold market as the FED's hawkish policy may exert downward pressure, given the recent drop in gold prices. Last week, gold reached a historic high of approximately $2,150 but subsequently tested the critical support level at $2,000 following the release of non-farm data. The Gold market's volatility has surpassed $140, marking the highest volatility since mid-August 2020.
Observing the aftermath of the US non-farm data release, gold experienced a notable decline and dipped below the 48-hour moving average. The MACD histogram's double line and bar are expanding below the 0 axis. Analyzing the H4 chart for gold, the technical recovery trend of the price appears relatively weak.
-> A useful strategy is to set a Sell Limit, stop loss is mandatory.
Observing the aftermath of the US non-farm data release, gold experienced a notable decline and dipped below the 48-hour moving average. The MACD histogram's double line and bar are expanding below the 0 axis. Analyzing the H4 chart for gold, the technical recovery trend of the price appears relatively weak.
-> A useful strategy is to set a Sell Limit, stop loss is mandatory.
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