Gold has dropped more than 130 dollars from 1948-1950 to 1815-1820 after the last FOMC Meeting Minutes in which the Fed would like to use “a higher and longer interest rate policy”.
However, the soft U.S ADP employment report on Oct 4, 2023 may force the Fed to consider its higher and longer policy. The U.S Dollar is making a correction after the ADP report and gold has formed good support from 1815-1820.
On the Day Gold Chart bellow, gold is forming a support around 1815-1820 after U.S ADP. If gold breaks the 1831-1832 zone, it will start its correction to wait for Friday U.S NFP report.
On the H1 gold chart bellow, gold has been consolidating from 1815 to 1931-1833. The 1831-1833 is a key zone to watch for Oct 5, Oct 6 trading this week.
Will gold make a big correction to 1848-1850 o 1860-1865 ? The 1830-1832 is the key zone to watch for gold trend. If gold breaks the 1831-1832, it will go up quickly to 1848-1850 and further.
However, gold will make another sold off to break the 1815-1820 if this Friday NFP report supports the Fed “higher and longer policy”
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