Shinobi - XAUUSD: Accumulation for a strong breakout for OANDA:XAUUSD by Shinobi_Pips

Shinobi - XAUUSD: Accumulation for a strong breakout

Yesterday was a big day for many people. XAUUSD has sideways in a wide range . News on PMI and Unemployment Claims did not affect its direction much. Trading in the 1930 - 1940 price range is very safe.

However . Today there will be three important news that strongly influence the upcoming trend of Gold . These are Average Hourly Earnings m/m , Non-Farm Employment Change , Unemployment Rate. Gold will most likely break the resistance zone and fly high because it has been accumulating for this breakout for quite some time

BUY 1931 - 1933

TP1: 1937
TP2: 1943

SL: 1928

Note

Analysts note that the dollar and bond yields have benefited from safe-haven outflows, which has held back gold. Yields on 10-year bonds rebounded above 4%; Meanwhile, the US Dollar Index is trading at a 4-week high above 102 points. With these headwinds, gold prices have dropped to a 3-week low and are testing a key support level.

Note

While gold investors could see further volatility in the near-term, some analysts have said that it is only a matter of investors recognizing gold as an essential store of value. time when America's debt problem became a bigger concern.

Note

Nicky Shiels, metals strategist at MKS PAMP, said that precious metals will find it difficult to appreciate as the dollar and bond yields continue to rise. "In the short-term, gold has no chance (bullish) if its core drivers (USD, US real rate) are moving higher," she said.

Note

RUNNING . +20pips

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The Federal Reserve, which is gearing up for its annual symposium from August 24 to 26 in Jackson Hole, Wyoming, will likely see signs the Central Bank is nearing an end to raising wages.

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Schneider noted that investors should keep an eye on the support at $1,970 per ounce. If the yellow metal slides out of this regulation, the price can reach 1,930 USD/ounce. If the $1,900 level is broken, gold is likely to fall to $1,850 an ounce.

Note

GOLD fly before NFP

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From a Reuters perspective, the gold market is facing significant challenges as it has to maintain key resistance levels. This comes as the US labor market saw notable weakness in July, although inflationary pressures remained intact.

Note

BUY ENTRY 1935 - 1933. There is a large resistance area

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