◽️ 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.

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◽️ 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

πŸ”» The possibility of FED interest rate increase is higher than past, and gold will lose its strength.

πŸ”» if $1750 support failed, Gold can see the $1720 and $1700 levels.