Strong Bullish Momentum For Gold Ahead Of NFP

• 4 May 2018

USD/JPY

The USD/JPY pair is presenting with an Evening Star Doji pattern, which is a strong reversal signal. RSI confirms the trend change and MACD is undergoing a momentum reversal. The next significant price target for sellers is the 108.53 price level.

Impact event: The Non-Farm Payroll report will be released at 15:30 GMT+3 and will impact all U.S. Dollar pairs and Gold.

GOLD

Gold has broken through a significant support level with strong bullish momentum. RSI has recovered from oversold conditions and is moving away from the 30 support level. The next likely price target for buyers is the 1324.82 price level.

SILVER

Silver is testing a recent support level at the 16.54 price line and a break would be significant. Price action is moving close to the 20- period EMA and again, a break would provide further weight to the uptrend.

USD/CHF

The USD/CHF pair is testing the 1.000 price level which represents a previous resistance area. A market top can be found at the 1.0034 price level which it seems the pair is unlikely to reach. A series of doji candles indicate a change in sentiment or certainly, indecision. RSI has flattened in overbought territory and MACD has stalled in positive territory. Fundamental factors later in the day are sure to play a role in near-term price action for the pair.