GOLD/XAUUSD LONG/ BUY
Updated
🔰 Pair Name: GOLD/XAUUSD
🔰 Time Frame: 1H/4H
🔰 Scale Type: SMALL Scale
🔰 Direction: LONG/BUY
📈 Fundamental Point of View 📉
Gold price experienced a strong rebound after the US NFP report fell short of expectations last Friday. In July, fresh payrolls were 187K lower than the consensus of 200K, although they were marginally higher than June's print of 185K. The market sentiment turned positive despite Fitch's downgrade of the US government long-term debt rating.
📊 Technical Point of View 📉
From a technical standpoint, Gold showed a significant bounce and closed the daily candle above the key daily support level at $1932 last Friday, driven by the unexpected and shocking low NFP data release. The price has also touched the Fibonacci retracement level of 38.2%, which indicates a potential bullish momentum. We anticipate the gold price to make a solid cross above this level on the 1-hour candle chart and then retest the 23.6% Fibonacci level before aiming for the next resistance at the Fib level of 50% at a price of $1951.88 at the beginning of this week. 🚀📈
🔍 Disclaimer: Trading involves risk. This analysis is for informational purposes only and should not be considered as financial advice. Always do your research and consult a professional before making trading decisions. 🔍
🔰 Time Frame: 1H/4H
🔰 Scale Type: SMALL Scale
🔰 Direction: LONG/BUY
📈 Fundamental Point of View 📉
Gold price experienced a strong rebound after the US NFP report fell short of expectations last Friday. In July, fresh payrolls were 187K lower than the consensus of 200K, although they were marginally higher than June's print of 185K. The market sentiment turned positive despite Fitch's downgrade of the US government long-term debt rating.
📊 Technical Point of View 📉
From a technical standpoint, Gold showed a significant bounce and closed the daily candle above the key daily support level at $1932 last Friday, driven by the unexpected and shocking low NFP data release. The price has also touched the Fibonacci retracement level of 38.2%, which indicates a potential bullish momentum. We anticipate the gold price to make a solid cross above this level on the 1-hour candle chart and then retest the 23.6% Fibonacci level before aiming for the next resistance at the Fib level of 50% at a price of $1951.88 at the beginning of this week. 🚀📈
🔍 Disclaimer: Trading involves risk. This analysis is for informational purposes only and should not be considered as financial advice. Always do your research and consult a professional before making trading decisions. 🔍
Trade active
Note
Retesting is happening as we expected.Note
Note
🛢️ Greetings, traders! Let's talk about Gold's recent moves:📉 Gold has successfully ventured into the 1-hour demand zone, which is definitely a noteworthy achievement. As we shift our focus to the next stage, all eyes are on the critical 1927 level. 🕵️♂️ This is where the pivotal juncture lies – if the price manages to breach the 1927 level, we might be looking at a substantial downward movement for Gold.
📉 Brace yourselves and keep a close watch as the market dynamics unfold. The potential implications of a breach below 1927 are substantial and could mark a significant shift in Gold's trajectory. Stay sharp and trade wisely! 📊💰 #GoldAnalysis #MarketMoves
Trade closed: target reached
TP1 REACHED
Disclaimer
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