GOLD Going to range DEMAND and SUPPLY
My latest idea on gold has been another success.
At the start of the week, the Gold Price shows little surprise in response to the crucial United States inflation data. It is currently defending the rebound from a significant support level observed in the previous day's trading. The support is mainly influenced by the mixed US employment report. As of early Monday in Asia, the XAUUSD is hovering around 1943.
In my view, the price is bullish, with a target of at least 1952. We are aiming for a slightly lower target, around 1947, based on my first visible BOS on the chart. Ideally, taking a trade below the current price, as of the time of writing, would be preferred. However, it's crucial to remember that news events can have a significant impact on the price, so it's best to avoid trading during news releases.
At the start of the week, the Gold Price shows little surprise in response to the crucial United States inflation data. It is currently defending the rebound from a significant support level observed in the previous day's trading. The support is mainly influenced by the mixed US employment report. As of early Monday in Asia, the XAUUSD is hovering around 1943.
In my view, the price is bullish, with a target of at least 1952. We are aiming for a slightly lower target, around 1947, based on my first visible BOS on the chart. Ideally, taking a trade below the current price, as of the time of writing, would be preferred. However, it's crucial to remember that news events can have a significant impact on the price, so it's best to avoid trading during news releases.
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