XAUUSD is entering a critical stage as it continues to fluctuate within the sideway range of 3040 - 3050 USD. After a strong bullish rally, the market is now pausing, awaiting a real breakout. Will the buyers have enough strength to push the price to new highs, or is this the moment for a correction?📌 Technical Outlook: Accumulation or Breakout Incoming?
The 3024 - 3040 USD zone is acting as a key support level, where buyers may return to accumulate positions. If the price holds this zone and bounces up, the next target will be 3060 USD, or even higher if the market reacts positively to upcoming news. However, a short-term correction might occur before gold resumes its uptrend, with the lower boundary of the consolidation box aligning with the EMA 89 zone as key support.
📌 Economic Data Twist: A New Catalyst for Gold?
The upcoming U.S. unemployment data will be the key factor shaping gold's price action. If the figures come in lower than expected, the USD could strengthen, exerting bearish pressure on gold. On the other hand, weaker-than-expected data could continue to support gold as a safe-haven asset, setting the stage for a strong rebound next week. Personally, I expect gold to rise—what about you?
📌 Trading Strategy: Catch the Wave or Stay on the Sidelines?
With the current market tug-of-war, traders can BUY around 3025 USD if support holds, targeting 3060 USD and beyond once gold breaks out of the consolidation box. If 3050 USD remains a tough resistance, a short-term SELL can be considered with a target back to 3025 USD.
🔥 Conclusion: Ready for a Breakout!
Today, the market is hotter than ever. Bulls and bears are both gearing up for a final sprint, and with a strong enough catalyst from economic data, everything could change in an instant. Stay tuned and let's see what happens together!
Wishing you all a fantastic trading day filled with profits! 💰
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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.