Gold full analysis
📎GOLD/XAUUSD ANALYSIS:
💬🕯The recent non-farm payroll data has had a bearish impact on spot gold, causing a significant sell-off and driving prices down to a low of 2295. This downturn has disrupted the previous upward trajectory of gold, indicating a pronounced downtrend. It's anticipated that gold will remain under bearish pressure. Investors should monitor the 2300\2289 support zone closely. A sustained price above this level could lead to volatility, while a drop below it may signal the beginning of a further decline.
Market patterns suggest that gold prices are caught in a tug-of-war between bulls and bears, characterized by a cycle of rising and falling prices. This has resulted in a flared, trumpet-like pattern of fluctuating prices. Despite these oscillations, prices are still within a corrective phase, suggesting that it's premature to predict a solid trend based solely on individual news events. Currently, gold has reached the critical support level of 2295, which marks a potential turning point, and is showing signs of stabilization. Moving forward, the ability of gold to close the week above 2325 will be crucial in determining whether it can maintain stability.
For short-term strategies next Monday, it is advisable to prioritize buying on dips, with a secondary focus on selling during price rebounds.
The immediate
resistance to watch is between (2322-2331), (2351-2360)
support is expected in the (2300-2289) range.
💬🕯The recent non-farm payroll data has had a bearish impact on spot gold, causing a significant sell-off and driving prices down to a low of 2295. This downturn has disrupted the previous upward trajectory of gold, indicating a pronounced downtrend. It's anticipated that gold will remain under bearish pressure. Investors should monitor the 2300\2289 support zone closely. A sustained price above this level could lead to volatility, while a drop below it may signal the beginning of a further decline.
Market patterns suggest that gold prices are caught in a tug-of-war between bulls and bears, characterized by a cycle of rising and falling prices. This has resulted in a flared, trumpet-like pattern of fluctuating prices. Despite these oscillations, prices are still within a corrective phase, suggesting that it's premature to predict a solid trend based solely on individual news events. Currently, gold has reached the critical support level of 2295, which marks a potential turning point, and is showing signs of stabilization. Moving forward, the ability of gold to close the week above 2325 will be crucial in determining whether it can maintain stability.
For short-term strategies next Monday, it is advisable to prioritize buying on dips, with a secondary focus on selling during price rebounds.
The immediate
resistance to watch is between (2322-2331), (2351-2360)
support is expected in the (2300-2289) range.
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