After a recovery to 2387, gold price last week have returned to their main downward trend. In the closing session of the previous week, after releasing the report of Non-Farm Employment Change and Unemployment Rate data, gold price experienced a consecutive drop of 1000 pips, reaching the important analyzed level of 2286.
With the strong downward trend from wave b to wave c, we should not place any orders against the main trend. This way, you will eliminate most of the risks.
According to the analysis, the price will recover to the convergence resistance zone 2325 – which was a support convergence zone but has turned into a resistance convergence area after the price broke through it, and it tends to recover.
Wishing all investors smart and effective investment strategies! Stay tuned for the next gold price update.
By. Pham Thanh Bien
