The market has formed an inside bar. The price moves sideways in the range of the 4H candle. If you look at the 1H timeframe, it will be shaped like a triangle. I think the market will move sideways until tomorrow because we don't have any important news today. I expect the price to take liquidity above the 4H candle, which will create a fakey setup and then a bearish move from the resistance at 2200. If the price closes near the previous day low, there is a high chance of a market pullback. My target is the support level around 2140.
📊QUICK FUNDAMENTAL LOOK
Metal prices rise, with gold climbing again on a fall in U.S. yields. Gold futures rise 0.1% to $2,186.7 a troy ounce. Friday's hotter-than-expected U.S. nonfarm jobs data was offset by a rise in unemployment and slower growth in wages than expected, giving peace of mind to gold investors as the dollar tumbled in response, Swissquote Bank senior analyst Ipek Ozkardeskaya says in a note.
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