📊 Market Overview
Gold prices are hovering around $3,348/oz, with the day's low near $3,340. Weak U.S. economic data, including a decline in the services PMI to 49.9 and low job growth, have reinforced expectations of a Federal Reserve rate cut. However, gold prices have yet to break through strong resistance levels due to profit-taking and cautious sentiment ahead of the upcoming Non-Farm Payrolls report.
📉 Technical Analysis
• Key Resistance: $3,370 – $3,375
• Immediate Support: $3,335 – $3,340
• EMA 09: Price is above the EMA 09 line, indicating a short-term uptrend.
• Candlestick Patterns / Volume / Momentum:
o MACD on H4 chart shows a golden cross, supporting the uptrend.
📌 Outlook
Gold may undergo a short-term correction if U.S. employment data exceeds expectations or if there are positive developments in international trade negotiations.
💡 Suggested Trading Strategy
SELL XAU/USD at: $3,370 – $3,375
o 🎯 TP: $3,350
o ❌ SL: $3,385
BUY XAU/USD at: $3,335 – $3,340
o 🎯 TP: $3,360
o ❌ SL: $3,325
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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.
Related publications
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.