📊 Market Overview:
Gold prices are rebounding slightly after a pullback from a four-week high. The weakening USD, driven by concerns over US-China trade tensions and upcoming employment data, has bolstered safe-haven demand for gold.
📉 Technical Analysis:
• Key Resistance: $3,365 – $3,377
• Nearest Support: $3,320 – $3,290
• EMA 09: Price is above the 09 EMA, indicating a short-term uptrend.
• RSI: The RSI on the H4 timeframe is at 64.06, suggesting bullish momentum with room before reaching overbought territory
📌 Outlook:
Gold may continue its short-term rise if the USD remains weak and US employment data falls short of expectations.
💡 Suggested Trading Strategy:
SELL XAU/USD at: $3,377
o 🎯 TP: $3,357
o ❌ SL: $3,387
BUY XAU/USD at: $3,290
o 🎯 TP: $3,310
o ❌ SL: $3,280
Gold prices are rebounding slightly after a pullback from a four-week high. The weakening USD, driven by concerns over US-China trade tensions and upcoming employment data, has bolstered safe-haven demand for gold.
📉 Technical Analysis:
• Key Resistance: $3,365 – $3,377
• Nearest Support: $3,320 – $3,290
• EMA 09: Price is above the 09 EMA, indicating a short-term uptrend.
• RSI: The RSI on the H4 timeframe is at 64.06, suggesting bullish momentum with room before reaching overbought territory
📌 Outlook:
Gold may continue its short-term rise if the USD remains weak and US employment data falls short of expectations.
💡 Suggested Trading Strategy:
SELL XAU/USD at: $3,377
o 🎯 TP: $3,357
o ❌ SL: $3,387
BUY XAU/USD at: $3,290
o 🎯 TP: $3,310
o ❌ SL: $3,280
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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.
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.