Ahead of the highly anticipated Non-Farm Employment Change (NFP) news release scheduled for 12:30 pm GMT, analysts at BDSwiss conducted a thorough analysis and issued an educational sell position on XAUUSD (gold) at 6:00 am GMT. This call was designed to educate traders on potential market movements and highlight key technical levels.
XAUUSD Sell Call Analysis:
Resistance Level: Analysts identified a resistance level in the 30-minute chart of XAUUSD at $2387.32. This level was crucial for determining potential price action leading up to the NFP announcement.
If resistance holds:
Target 1: A potential drop to $2371.90.
Target 2: A further decline to $2359.69 if $2371.90 is breached.
If resistance fails:
Target 1: A possible rise to $2407.00.
Target 2: An extended rally to $2432.02 if $2407.00 is broken.
By 12:15 pm GMT, just 15 minutes before the NFP news release, gold prices had indeed dropped as forecasted by BDSwiss analysts. This decline was partly attributed to news from China halting its gold reserves buying after an 18-month stretch, which added bearish sentiment to the market.
The timely and accurate analysis provided by BDSwiss demonstrates the importance of technical analysis and fundamental news in predicting market movements. This educational call offered valuable insights for traders looking to understand the dynamics of the gold market, especially in the context of significant economic events like the NFP release.
Sources:
BDSwiss Academy Page on Tradingview
