GOLD → Correction for accumulation of potential for FX:XAUUSD by RLinda

GOLD → Correction for accumulation of potential

is growing during the week. The asset enjoys interest on the background of economic risks and dollar correction. After a small correction, the train may move north again

Markets are watching the US-China trade talks, easing fears of a global trade war, as well as Trump's initiatives on the Middle East, weakening demand for the USD as a safe-haven asset. In addition, a rising yen is pressuring the USD, supporting gold.
Investors' focus is on Friday's NFP data, which could influence the Fed's next steps. Attention is also paid to weekly jobless claims and Fed comments. The market is quite aggressive on any drastic action by Trump as this assessment is correlated relative to global risks
Technically, the price is correcting to accumulate liquidity and potential for possible upside. Below are quite strong support areas that could push the price back.

Support levels: 2845-2850, 2830
Resistance levels: 2860, 2872, 2882

As part of the correction in the uptrend, the price may test 0.5-0.7 Fibo as well as the previously broken resistance of the ascending channel. There are no technical and fundamental reasons to break the trend, the growth may continue after a false breakdown.

Regards R. Linda!

Trade active

Gold is testing the previously outlined support zone.
The accent is on 2845 - 2840. If bulls will keep the defense above this zone, it is worth waiting for growth in the short-term perspective

Trade closed: target reached

Target 1 reached

RLinda

🌹TRADING is a CASINO💔!?

NO‼️

You❗️CAN and ❗️SHOULD make money in trading!

Join me, I'll guide you to PROFITABLE TRADING💵!

🟢Free Telegram Channel:
t.me/RLindaTrade

🔴Contact:
t.me/RLindaSignals

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.