🏅GOLD - Lower volumes ahead of NFP. Consolidation near 1984
Gold is strengthening. NFP is ahead and the price is forming a consolidation waiting for the press release. The market is clearly nervous.
TA on the high timeframe:
1) Price in a sideways range between 1981 and 1935
2) Thursday's daily candle closes near the 1981 level. The market maker is most likely set to continue rising
3) A consolidation forms above the 1975 volume density
TA on the low timeframe:
1) Price builds an upward price channel. We have 2 confirmations of the support line
2) Price is likely to test trend support in a touch or false-break format before further growth
3) News is an unpredictable trading format. The price can increase the volatility very much under the circumstances
4) Decrease in volumes before the news.
5) My priority is waiting for growth, but the news can bring the price down before further growth
6) A triangle is forming near 1984 which implies further growth after breaking resistance
Key support: 1970.
Key resistance: 1984.
TA on the high timeframe:
1) Price in a sideways range between 1981 and 1935
2) Thursday's daily candle closes near the 1981 level. The market maker is most likely set to continue rising
3) A consolidation forms above the 1975 volume density
TA on the low timeframe:
1) Price builds an upward price channel. We have 2 confirmations of the support line
2) Price is likely to test trend support in a touch or false-break format before further growth
3) News is an unpredictable trading format. The price can increase the volatility very much under the circumstances
4) Decrease in volumes before the news.
5) My priority is waiting for growth, but the news can bring the price down before further growth
6) A triangle is forming near 1984 which implies further growth after breaking resistance
Key support: 1970.
Key resistance: 1984.
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