GOLD → Aggressive bulls and double bottoms. What's next?
Updated
XAUUSD is testing the support of the range, forming a double bottom and distribution. Buyers are not ready to say goodbye to 2475, aggressively holding this area. Price is heading towards the upper end of the range. Bulls held global support, bringing price back to ATH amid expectations of key economic data from the US. NFP, and inflation data on Friday weigh on markets' assessment of the size of the Fed's rate cut this month. Gold traders will be focused on ADP private sector employment data, Initial Jobless Claims and ISM services PMI.
Technically, the focus is on the 2526 - 2504 range. Such a strong move (distribution) is fraught with a false breakdown and rebound, but there are fundamental nuances: favorable news can strengthen the rally and break the resistance, while negative news can turn the price all the way to 2475.
Resistance levels: 2526, 2531
Support levels: 2510, 2504, 2494
Emphasis on the retest of resistance 2526. High probability of a rebound to 0.5 fibo. Further, the market will be influenced by economic data, which will be published from 12:15 GMT. It is not excluded that the price will reverse earlier or fly to 2550.
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Regards R. Linda!
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The bears are keeping the price away from the liquidity area.
We're going to retest 2505- 2500.
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The price is trading in the above range.
A rebound is being formed after retesting from the support 2504
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! UPDATE !
GOLD is testing the local high of 2523 and stops, forming consolidation ahead of NFP. Traders expect the strengthening of favorable background...
Traders remain cautious ahead of the US NFP release, which may affect the market's expectations about the possibility of a larger interest rate cut by the Fed in September. Even a small disappointment could prove to be negative for the dollar and open the way for a significant rally in the gold price. Technically, the focus is on 2523 (2526) - 2513 - 2504. Accordingly, the price may trade inside these boundaries for a while. A favorable report for gold may increase the interest in the metal, which may play a role in breaking through the resistance 2526 - 2531 and trying to reach the psychological target of 2550 - 2600.
Resistance levels: 2523, 2526, 2531
Support levels: 2513, 2504
BUT, it is not excluded that an unexpected report (as it often happens) can destroy local bullish prospects and form a price spill towards the range support (2500 - 2475)
Regards R. Linda!
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A strong resistance zone 2526.8 is being formed.
The big player continues to hold the limit order block and does not allow the bulls to overcome this boundary yet.
The price continues to trade inside the range, forming a rally on NFP.
Testing 2490.
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Gold closed below 2500 in Friday's session, meaning that in the moment buyers are losing the situation.
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