Time for Economic Safe Havens? Forex Weekly Forecast ( DXY, XAUUSD)
The dollar has had a rather bullish week start of March. This was especially accelerated by the non-farm payroll (NFP) released on Friday where we had the employment numbers change from 481k to 678k and the unemployment rate reduced by 0.2%. This has made the DXY continue soaring higher since breaking the resistance zone around 97.465. As we move on to the new trading week awaiting J. Powell’s testimony on Semi-Annual Monetary Policy report the next level of significance to watch-out for is 99.925
On gold our sentiment from last week continue. We were able to get in on a long position at 1936.220 on retest of the level. Still holding on to the position. Presently we see another entry opportunity present itself (c) on the retest of the resistance level at 1979.076 with the target around 2065.447 which is rather significant as price last tested the levels on August 2020 which would make this the ultimate upturn of the longer term downtrend on the pair between 2020 and 2021.