Gold Forecast Today 06/06: Gains Ahead Of NFP (Chart)

(MENAFN- Daily Forex)

• The gold market did try to take off to the upside during the trading session on Thursday, but you can see that we have rolled over again show signs of weakness.
• That being said, I don't think it means anything other than we just don't have a lot of people willing to jump into the gold market with massive amounts of money ahead of the Non-Farm Payroll announcement.
• After all, that is an announcement that can bring in a lot of volatility, and therefore we need to be cognizant of the fact that safety is paramount in this environment.

Technical Analysis

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The technical analysis for gold is obviously very bullish, and I think we've got a situation where traders will be watching this with great interest, because as we pull back, it's very possible that we will see value hunters coming back into the picture in order to pick up“cheap gold.” After all, this is a market that is been very bullish for some time, and a lot of people will be looking to get involved. However, I think a lot of what we have seen during the Thursday session is just simple noise ahead of the employment numbers that will obviously cause quite a bit of volatility in multiple markets, not just this one.

EURUSD Chart by TradingView

After all, traders will start to glean from the information about what the Federal Reserve may or may not do between now and the end of the year, which has a major influence on what happens next in the gold market due to the monetary policy coming out of Washington DC. Nonetheless, I don't really care what the announcement is on Friday, if we fall it will end up being a buying opportunity. In fact, it's not until we break down below the $3200 level that I even begin to have a conversation with myself that perhaps the trend is starting to shift to the downside. I believe that we try to get to the $3500 level rather quickly, and if we can break above there, gold will start to sail much higher.

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