Rimani 
Condizioni di trading
Strumenti
The gold price is located in the buyer's territory, the outlook is still bullish ahead of the crucial US data. Gold is trading at $1,711 level and is fighting hard to stay above the $1,700 psychological level and to accumulate more bullish energy before it resumes its upside journey.
The US Non-Farm Employment Change is expected around -7,750K today, better versus the -20,537K in the previous month, but unfortunately, the Unemployment Rate could increase from 14.7% to 19.4% in May. The Average Hourly Earnings could grow by 1.0%. The figures will bring high volatility, the gold price could accelerate its rally if the readings come in worse than expected.
The price action has developed a potential Double Bottom on the H4 chart, but this pattern is far from being confirmed. Gold has found strong support right on the $1,700 level again, the false breakdown has attracted more buyers.
The price could come back towards the $1,700 level after the rejection from the PP ($1,720) level, another rejection or false breakdown below the $1,700 - $1,693 area will suggest buying. The potential double bottom pattern will be validated only after a valid breakout above the upper median line (UML) and above the $1,746 when the price makes another higher high.
Gold could develop a minor triangle as well in the short term, between the upper median line (UML) and the $1,700 - $1,693 area, a valid breakout from this potential pattern will give us a clear direction and a fresh trading signal.
Gold is bullish as long as it stays above the $1,693 - $1,700 zone, a valid breakdown below this support area could send the price towards the median line (ML), the price could develop a broader corrective phase if the price reaches the median line (ML) and if it closes on it.
If the price stays above the $1,700 - $1,693 area and if it fails to approach and reach the median line (ML), another leg higher is expected. A larger increase will be validated by a valid breakout above the upper median line (UML) of the descending pitchfork and above the R1 ($1,746) level.
Long above the $1,746 level with near-term targets at R2 ($1,764), R3 ($1,790), and higher at the $1,800 psychological level. If you want to sell gold, maybe you should wait for a valid breakdown below the median line (ML) and below the $1,666 static support to be sure that the price will register a major drop towards $1,600, $1,555, and $1,484 levels.
Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.
