XAUUSD Potential Forecast | 7th March 2023
Fundamental Backdrop
1. NFP this week will solidify the bias for GOLD.
2. There have been alot of bullish sentiments in the market surrounding GOLD.
Technical Confluences
1. Price has followed our previous forecast and have broken the H4 resistance (now support) at 1846.
2. Price have retraced and looks good to continue heading up to tap into the next H4 resistance at 1862.
3. Price is hovering well above the ichimoku cloud, signifying strong bullish intent in the market.
4. All eyes will be on NFP this Friday to dictate the future direction on GOLD.
Idea
If NFP comes out to be worse than expected, we can see bullish pressure coming in onto GOLD. However, if NFP comes out good, signifying the resilient economy of the US, price can flip bearish for GOLD.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. NFP this week will solidify the bias for GOLD.
2. There have been alot of bullish sentiments in the market surrounding GOLD.
Technical Confluences
1. Price has followed our previous forecast and have broken the H4 resistance (now support) at 1846.
2. Price have retraced and looks good to continue heading up to tap into the next H4 resistance at 1862.
3. Price is hovering well above the ichimoku cloud, signifying strong bullish intent in the market.
4. All eyes will be on NFP this Friday to dictate the future direction on GOLD.
Idea
If NFP comes out to be worse than expected, we can see bullish pressure coming in onto GOLD. However, if NFP comes out good, signifying the resilient economy of the US, price can flip bearish for GOLD.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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