Gold's price action on the 2-hour time frame is quite interesting, with the precious metal respecting the resistance line twice and the support line three times. Currently, gold is trending towards the resistance line, and the upcoming CPI release is expected to push gold up to 2710
However, be cautious, as a "big waterfall" might be looming thereafter. This potential downturn could be attributed to various factors, including changes in market sentiment, interest rate decisions, or geopolitical events.
From a technical standpoint, gold's daily chart shows sellers gaining confidence, but a steeper decline is not yet evident. The pair remains above all its moving averages, with a mildly bearish 20 Simple Moving Average (SMA) converging with a bullish 100 SMA at around 2635.
In terms of news impact, the recent Nonfarm Payrolls report showed the US adding 256,000 new jobs in December, with the Unemployment Rate edging lower to 4.1%. This data might influence the Federal Reserve's interest rate decisions, which in turn could impact gold prices.
Keep a close eye on the CPI release and its potential effects on gold prices. Also, monitor the overall market sentiment, as it can quickly shift and impact gold's price action.
Key Levels to Watch:
Resistance: 2710
Support: 2660,2645,2635
However, be cautious, as a "big waterfall" might be looming thereafter. This potential downturn could be attributed to various factors, including changes in market sentiment, interest rate decisions, or geopolitical events.
From a technical standpoint, gold's daily chart shows sellers gaining confidence, but a steeper decline is not yet evident. The pair remains above all its moving averages, with a mildly bearish 20 Simple Moving Average (SMA) converging with a bullish 100 SMA at around 2635.
In terms of news impact, the recent Nonfarm Payrolls report showed the US adding 256,000 new jobs in December, with the Unemployment Rate edging lower to 4.1%. This data might influence the Federal Reserve's interest rate decisions, which in turn could impact gold prices.
Keep a close eye on the CPI release and its potential effects on gold prices. Also, monitor the overall market sentiment, as it can quickly shift and impact gold's price action.
Key Levels to Watch:
Resistance: 2710
Support: 2660,2645,2635
Trade active
200 Pips Profit Done.
I'm Closing my Buy Call as Israel Agreed On Ceasefire, Trump Will Take Over White House On Monday also Unemployment News has strengthen Dollar So it might break Parallel Channel For Big Waterfall.
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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.