◽️ Last week, our expectation from the employment and wages report was weak data and weak US dollar, and rising gold.
◽️ Although the US data performed better than expected, it pushed gold to higher prices because everyone was shorting for weak data.
◽️ But now, after the publication of the NFP data, again we predict gold with a very high probability of downward pressure
◽️ Accordance to the CFTC report (COT), a 34% increase in gold long positions in the past week before the NFP data was about traders betting on a bad NFP release.
◽️ But now closing those long positions, can bring more downward pressure on gold
◽️ Now the possibility of an increase in American interest rates is higher than in the past
🔻 The possibility of FED interest rate increase is higher than past, and gold will lose its strength.
🔻 if $1750 support failed, Gold can see the $1720 and $1700 levels.
