Gold/XAUUSD LONG/BUY
🔰 Pair Name : XAU/USD
🔰 Time Frame : Daily
🔰 Scale Type : Long Scale
🔰 Direction : LONG /BUY
Regardless on the strong selling force formed by the fear of the US dollars seemed gained some strength last week, Gold now on a a strong daily support at 1937$. With a bullish pin bar formed at daily closure, it double confirmed the price at Fibonacci level 50% will be at least retrace back to it's previous daily support at Fibonacci level 38.2% around 1981$ area, after the price hits the bottom of a 4H downtrend. Which aligned with the lower forecast of initial job claims data that will be released tomorrow.
However, be aware the Powell Testimony is still ahead, if the speech carries out positive solutions for the US economy and inflation, or Powell shows strong confident in American economy, it will boot dollar strength and possibility change the market sentiment.
🔰 Time Frame : Daily
🔰 Scale Type : Long Scale
🔰 Direction : LONG /BUY
Regardless on the strong selling force formed by the fear of the US dollars seemed gained some strength last week, Gold now on a a strong daily support at 1937$. With a bullish pin bar formed at daily closure, it double confirmed the price at Fibonacci level 50% will be at least retrace back to it's previous daily support at Fibonacci level 38.2% around 1981$ area, after the price hits the bottom of a 4H downtrend. Which aligned with the lower forecast of initial job claims data that will be released tomorrow.
However, be aware the Powell Testimony is still ahead, if the speech carries out positive solutions for the US economy and inflation, or Powell shows strong confident in American economy, it will boot dollar strength and possibility change the market sentiment.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.