GOLD → ECB rate and NFP in the US. What to expect?
Updated
XAUUSD is supposedly ending the correction wave on the background of fundamentally weaker dollar. ECB rate and US news (Initial Jobless Claims & NonFarm Payrolls) ahead The European Central Bank is expected to cut interest rates for the first time since March 2016 at the end of its June policy meeting later today.
Meanwhile, markets now have a better chance of an imminent Fed rate cut amid signs of a slowing US economy. Ongoing geopolitical tensions in the Middle East, continue to act as a safe-haven price for gold. Also, everyone is interested in the NFP (as one of the first signs of the Fed's readiness to loosen the policy), which will be published on Friday.
Technically, gold is forming a false break of MA-50 on D1, and breaking trend resistance on H1. All eyes are on the near-term support at 2354-2350
Resistance levels: 2374, 2405
Support levels: 2354, 2350. 2328
Possible support retest (false breakdown or intermediate struggle), which may lead to strengthening of the price. On the background of news, volatility may increase.
Regards R. Linda!
Note
That's great! The intermediate target (rising from 2354 to 2374) has been reached!
We are waiting for the closing of the session. If the price closes very close to or above 2374, then 2400.
Trade active
Price updates local high to 2387NFP ahead today
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