Home Trading Weekly data: Oil and Gold prices before NFP

Weekly data: Oil and Gold prices before NFP

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The technical side of the market has seen the price break above the resistances 38.2% daily Fibonacci Retracement level, the 50- and 100-moving averages, as also the bearish symmetrical triangular formation that was in force since mid November 2022. This major correction to the upside was somewhat “paused” (at the time of this report) after the concerns of investors mentioned above.

If the bullish momentum continues, then resistance could be expected around $80.50. This is the upper Bollinger band and slightly higher than the psychological resistance of this round number. If the opposite occurs and the price moves back towards bearishness, the first level of support is $77.50. This is the area where you will find the 50- and 100-moving averages along with the upper boundary.

Gold-dollar, daily

Past week’s economic data from the US came in softer especially for PMI boosting the price of the yellow metal. FedWatchTool, a CME Group tool that tracks market sentiments, shows that while the market has discounted the possibility for a single FED Meeting hike on 22 March at over 70%, it is still indicating that the possibility for a double hike is possible.



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