Gold made a small breakout yesterday, but it is supported prior to the NFP. We might see a move up before the NFP.
The main even the Nonfarm Payrolls will determine the move in gold. However, we might expect a small move to the upside prior to the news. After the NFP, we could see the following scenarios:
- Move up from the 1799 zone towards 1812 and if it breaks 1830.
- 1830 holds and we have a sell trade there.
- 1830 breaks and 1855 is next.
- 1795 breaks and the price goes lower to 1786.
- 1786 breaks and 1765 is retested.
Watch for the full NPF report and trade GOLD.