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Gold Trading in a Flag Pattern Ahead of the US Non-Farm Payroll
Gold is seen in the 1H chart trading in what appears to be a flag pattern after a slide that came after the FOMC meeting minutes revealed a lower chance of Fed monetary stimulus. A flag pattern can be seen as a weak correction and harbinger to further trend continuation. The next key fundamental risk is the Non-Farm payroll, also in the context of whether stimulus can be shelved. Projected at 207K after a previous reading of 227K, if the NFP number comes out better than expected like 250K+, we should see a bearish continuation and a break below the flag pattern if it has not already done so leading up to the release. ... (full story)
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