Gold Outlook: Prices Dip but Remain Bullish Amid Economic Data
With the H4 frame, if the gold price returns to above the H4 tankan line at the price mark of 2276usd/oz, it may open an opportunity for gold to increase in price again and the 2 lines AB and AC act as 2 trend resistance lines. Short-term direction for gold prices.
To sum up, I still support the decline in prices that could be very strong on Friday +-1 day and if the NFP data shows a healthy economy and the dollar strengthens, gold will continue to decline. very strong in the following days
Below are potential technical support and resistance points for tomorrow as follows:
- Technical resistance: 2276, 2292, 2307usd/oz
- Technical support: 2236, 2251, 2259, 2269usd/oz
To sum up, I still support the decline in prices that could be very strong on Friday +-1 day and if the NFP data shows a healthy economy and the dollar strengthens, gold will continue to decline. very strong in the following days
Below are potential technical support and resistance points for tomorrow as follows:
- Technical resistance: 2276, 2292, 2307usd/oz
- Technical support: 2236, 2251, 2259, 2269usd/oz
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