Long

XAU/USD : Get Ready for another Bullish Move !(READ THE CAPTION)

Updated

Upon reviewing the 2-hour chart of #gold, we observe that yesterday's price initially rallied, maintaining support at $2389 and rising to $2396. However, this was short-lived as gold faced selling pressure, correcting down to $2369. As highlighted on the chart, the $2365 to $2375 zone is a significant demand zone, where the price respected this support and subsequently rose to $2391. Currently, gold is trading around $2390, and I anticipate a short-term upward movement. The next target levels are $2394, $2400, $2404, and $2413. Other key levels are marked on the chart. (This analysis will be updated.)

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Note

✅ #XAUUSD ~ First Target ($2394) Reached ✅

Note

✅ #XAUUSD ~ 1st Target ($2394) Reached ✅
✅ #XAUUSD ~ 2nd Target ($2400) Reached ✅
✅ #XAUUSD ~ 3rd Target ($2404) Reached ✅

Note

By analyzing the gold chart in the 2-hour timeframe, we can see that, as expected, gold started to rise and hit the targets of $2394 ✅, $2400 ✅, and $2404 ✅, and even managed to reach $2411! Currently, gold is trading around $2404. We might see a short correction soon, and if the price stabilizes above $2400, we could witness further growth in gold. Given that we are approaching the closing hours of the New York market, it’s better not to make any significant trades and wait until tomorrow to follow the next trend. I hope you made the most of today’s analysis! 🫡

Note

By analyzing the #Gold chart in the 2-hour timeframe, we can see that the gold price continued its upward movement due to tensions in the Middle East, reaching up to $2,458.5. Gold futures also set a new all-time high in the Asian session today, climbing to $2,502. Currently, the spot gold price is trading around $2,455. We need to see how it reacts to the $2,457 to $2,463 range. My outlook on gold remains bullish, and we might see gold prices rise further and set a new all-time high in the short term.

Note

As you can see, gold started to decline from the supply zone at $2460 and corrected down to $2430. However, it then faced a surge in demand and was able to climb up to $2468.5. Currently, gold is trading around $2459. If today's NFP data is announced to be lower than the forecasted rate, it could lead to further growth in gold prices and vice versa. If gold rises, its targets will be $2469, $2473, and $2479, respectively. This analysis will be updated!

Note

📊 Non-Farm Employment Change (NFP) Report :

Actual NFP: 114K
Previous NFP: 206K
Forecasted NFP: 176K

📈 Analysis:

The actual Non-Farm Employment Change (NFP) figure came in at 114K, which is significantly lower than both the previous month's figure of 206K and the forecasted value of 176K . This suggests that job growth was much weaker than expected, which could have implications for economic outlook and monetary policy.

⚠️ Potential Market Impact:

• Gold: Gold prices could increase as investors flock to safe-haven assets amid concerns about economic growth and potential weakening of the USD. Historically, lower employment figures and economic uncertainty boost demand for gold as a secure investment.

• USD: The lower-than-expected NFP figure might lead to a depreciation of the USD as it indicates a slowdown in job creation and potentially weaker economic growth.

• Stocks: Stock markets might react negatively to the news due to concerns about the overall health of the economy.

• Bonds: Bond prices might rise as investors seek safer assets in response to the disappointing job numbers.

Trade closed: target reached

As we expected and mentioned in both our technical and fundamental analysis, I anticipated the NFP figure to be lower than the forecasted rate, and that’s exactly what happened. The actual figure came in at 114K, which is lower than the forecasted rate of 176K! This led to a spectacular rise in gold prices, which surged to $2478, hitting almost all three of our predicted targets!

I hope you made the most out of this analysis! With us, you will always get the best and most accurate analyses (both technical and fundamental)!

ArmanShabanTrading

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