XAUUSD - POTENTIAL LONG ENTRY
XAUUSD - Price trading inside strong bullish. Impulse Long entries can be taken once price retest the previous order block.
Once price rejects that area, we can look at immediate market execution.
Gold price kicks off the week on a solid footing, as the US Dollar extends weakness.
• China reopening optimism and dovish Fed expectations offset higher US Treasury yields.
• Gold price eyes a fresh upswing toward $1,822 amid a lack of healthy resistance levels.
Gold price is trading close to its best levels in five months above $1,800 at the start of a new week, with risk flows dominating as China expands the covid reopening to Shanghai and Hangzhou. A better risk profile and dovish Federal Reserve expectations continue to remain a weight on the US Dollar, despite a big beat on the US Nonfarm Payrolls data. The US economy added 263,000 jobs in November, better than 200,000 but below 284,000 in October, according to the latest data released last Friday. Following the upbeat US payrolls data, markets appear convinced that the Fed’s dovish pivot could help the economy with a ‘soft landing’. The Fed has entered the ‘blackout period’ and, therefore, all eyes now remain on the US ISM Services PMI and Preliminary UoM Consumer Sentiment data due for release this week for fresh trading impetus in Gold price.
Potential long entry with following confirmations.
TP - Green Zone
SL - Red Zone
R:R Ratio - 1:3.44
✅ Oscillator downward trend
✅ Trend catcher
✅ Above 25, 50, 100 EMA
Once price rejects that area, we can look at immediate market execution.
Gold price kicks off the week on a solid footing, as the US Dollar extends weakness.
• China reopening optimism and dovish Fed expectations offset higher US Treasury yields.
• Gold price eyes a fresh upswing toward $1,822 amid a lack of healthy resistance levels.
Gold price is trading close to its best levels in five months above $1,800 at the start of a new week, with risk flows dominating as China expands the covid reopening to Shanghai and Hangzhou. A better risk profile and dovish Federal Reserve expectations continue to remain a weight on the US Dollar, despite a big beat on the US Nonfarm Payrolls data. The US economy added 263,000 jobs in November, better than 200,000 but below 284,000 in October, according to the latest data released last Friday. Following the upbeat US payrolls data, markets appear convinced that the Fed’s dovish pivot could help the economy with a ‘soft landing’. The Fed has entered the ‘blackout period’ and, therefore, all eyes now remain on the US ISM Services PMI and Preliminary UoM Consumer Sentiment data due for release this week for fresh trading impetus in Gold price.
Potential long entry with following confirmations.
TP - Green Zone
SL - Red Zone
R:R Ratio - 1:3.44
✅ Oscillator downward trend
✅ Trend catcher
✅ Above 25, 50, 100 EMA
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