Get started

Gc1

GOLD → Setting and background foreshadowing the decline FX:XAUUSD is updating the global maximum. The distribution stops. The market goes into correction state. But, what is also interesting, a setup is forming on the chart, foreshadowing a support breakout. Let's briefly discuss the current situation in gold, without a long rant. The upcoming week is full of news. FED & FOMC meetings and Powell's speech are the ones to pay attention to, as inflation, interest rate and other nuances that determine the medium-term outlook may be discussed. Technically, gold is entering a correction phase. If we take a closer look at H1, we can see a descending triangle pattern. The character of the pattern is "support breakout, reversal and decline". This pattern can be interpreted as the presence of a strong seller or the absence of a buyer. Resistance levels: 2160, 2166, 2173 Support levels: 2155, 2147, 2100 The market is waiting for a correction, which is evidenced by the fundamental background, technical analysis and candlestick patterns. There is a high probability that the support may be broken with the subsequent correction towards the mentioned liquidity areas CAPITALCOM:DXY MCX:GOLD1! COMEX:GC1! TVC:GOLD Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
11
GOLD turning down after a series of "shocking" increasesFORECAST OANDA:XAUUSD – MARKET PSYCHOLOGY Retail trading activity shows a net short bias in gold, with the ratio between bearish and bullish positions currently at 1.47:1 as of late Tuesday afternoon. Overall, bullish bets on precious metals are 9.67% lower than yesterday and 12.80% lower than they were popular a week ago. Meanwhile, bearish bets are down 0.31% from the previous session and 13.15% higher than last week. Gold prices declined in the context of the latest report showing that the US consumer price index (CPI) increased by 3.2% over the same period last year, higher than experts' forecast of an increase of 3.2%. first%. The core CPI in February increased by 3.8% compared to the expected increase of 3.7%. In the medium and long term, the Fed will enter a cycle of interest rate cuts and precious metals will be strongly supported. However, gold prices have increased very strongly since the end of 2023 and in the first 2 months of 2024. The possibility of gold prices continuing to skyrocket is no longer highly appreciated. Recently, many forecasts say that gold will increase in the second half of the year but at a slow pace. Most likely, gold price will reach 2,200 USD/ounce. In the short term, gold may face selling pressure to take profits. Although optimistic about gold's prospects, investors should be sensitive to the market's current speculative position. Speculative traders can reverse their positions very quickly if the market begins to turn. Resistance: 2170 - 2181 - 2190 Support: 2145 - 2137 - 2125
OANDA:XAUUSD
by Xayah_trading
3
GOLD → Retest of resistance before further decline FX:XAUUSD continues to trade within the counter-trend correction channel. Another resistance retest is being formed, and the market is under pressure from the resistance. Gold has a neutral-negative fundamental background due to a wave of positive news in the US market. The dollar is strengthening a bit, which generally forms a resistance pressure on the gold. At the same time GOLD-ETF sell-offs continue. Technically, on H1 the price is testing the resistance of the descending channel, the fundamental background is negative and most likely, the decline may continue from the upper boundary of the channel. The market maker may form a false breakdown of resistance before further decline. Resistance levels: 2175 Support levels: 2144, 2125 There are no reasons for growth continuation. Funamental and technical factors indicate a high probability of further decline. There is no news today, the market should be more or less calm. COMEX:GC1! COMEX_MINI:MGC1! NCDEX:GOLD TVC:DXY Regards R. Linda!
FX:XAUUSDShort
by RLinda
14
GOLD rally will continue amid aggressive US interest rate cutsOANDA:XAUUSD ANALYSIS AND CHART - US rates markets fully price in a 25 basis point in June. - The path of least resistance for gold remains higher for now. The latest Fed commentary has led to financial markets pricing in a 25bp interest rate cut at the June 12th FOMC meeting. Three more rate cuts are also expected in 2024, with a high likelihood of a fourth cut. It's time for the US central bank to take action. The US economic calendar has important releases next week, with the US inflation report on Tuesday being the most notable. The latest comments from the Federal Reserve indicate that they are satisfied with the current disinflationary trend. A significant increase in either of the year-on-year inflation figures would be needed to alter or postpone the Fed's plan for interest rate cuts. The daily gold price chart is moving higher into new territory. Despite being overbought according to the CCI indicator, the daily candle setup remains positive. In the past six sessions, gold has consistently risen from the previous day's closing price, making it challenging for short-term sellers to enter the market. There may be a brief period of consolidation with solid support levels at $2,100/oz. and $2,081/oz., but gold is expected to continue rising in the coming weeks.
OANDA:XAUUSD
by Xayah_trading
GOLD US inflation previewUS CPI PREVIEW – OANDA:XAUUSD , US DOLLAR, STOCKS - The February’s U.S. inflation report will steal the spotlight on Tuesday morning - Any deviation of the official data from market expectations could trigger volatility Tuesday marks an important day for investors of all stripes as the U.S. Bureau of Labor Statistics is set to release the February’s consumer price index survey, a key report that is anticipated to provide fresh insights into recent inflation dynamics and guide the Federal Reserve's near-term monetary policy outlook. In terms of projections, headline CPI is forecast to have risen 0.4% last month, bolstered by higher energy costs. This result would have kept the annual rate unchanged at 3.1%. Meanwhile, the core gauge is seen increasing 0.3% m-o-m, leading to a minor downshift in the year-over-year reading to 3.7% from the previous 3.9%. US INFLATION TREND Focusing on the market response, official figures that closely align with Wall Street’s consensus estimates wouldn’t generate much volatility or alter sentiment in a meaningful way, but any large deviation in the CPI data relative to what’s priced-in could trigger large price swings across assets. For this reason, traders should closely track the economic calendar tomorrow morning. POSSIBLE SCENARIOS FOR KEY ASSETS > UPSIDE SURPRISE (HIGHER-THAN-EXPECTED CPI) A hotter-than-expected CPI report would confirm that January’s upside surprise was not a one-off event, but an indication that inflation may be reaccelerating and will be harder to defeat. Such an outcome might compel the Fed to revise its PCE forecast upward and potentially reduce the number of rate cuts envisioned for the year at its March meeting. This scenario should spark a hawkish repricing of interest rate expectations, pushing bond yields and the U.S. dollar higher. In response, gold prices and stocks could come under strong selling pressure. > SUBDUED REPORT (LOWER-THAN-FORECAST CPI) Cooler-than-forecast CPI readings would bolster the idea that last month’s data was an anomaly and that progress on disinflation continues. This could give the Fed greater confidence that inflation is on a sustained path towards the 2.0% target, validating the market’s outlook for multiple rate cuts in 2024 and the start of the easing cycle in June. In these circumstances, we may witness further retracement in yields and the U.S. dollar in the days and weeks ahead. This could inject fresh bullish momentum into gold prices and risk assets. Gold is consolidating around $2,180/oz. in early trade and may well move further higher. The daily chart is positive and the fundamental backdrop remains supportive. Again with gold in all-time territory, accurate price predictions can be difficult. Big figure resistance at $2,200/oz. may come into play shortly. Breakout + Test: 2185 waiting for Entry Buy Breakout + Test: 2175 waiting for Entry Sell Resistance: 2200 - 2205 - 2225 Support: 2175 - 2163 - 2151 - 2146 - 2137
OANDA:XAUUSD
by Xayah_trading
1
GOLD → Rally halted, price preparing for correction FX:XAUUSD is in the correction phase. A range between 2195 and 2145 is forming. On the local timeframe, the expected correction range is formed, and at this time the price is testing the psychological resistance level. The growth of gold stops. The price does not reach 2200. Obchms are declining, price is forming a consolidation or even a trading range. On H1 the price broke the support of the local ascending channel, which may start the correction to 2144. Another retest of the resistance zone or a false breakdown before further decline is possible. Below 2144 there is a liquidity area formed, which is of interest to the market and the price may test this area in the near future. Today at 12:30 GMT we are waiting for news that may give us a medium-term potential. Resistance levels: 2175, 2185, 2195. Support levels: 2157, 2144 Before the news, the price may test the resistance, but it would be logical to see further correction at these liquidity areas TVC:DXY TVC:GOLD NCDEX:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
FX:XAUUSDShort
by RLinda
9
🖥 GOLD MARKET ANALYSIS AND COMMENTARY - [March 11 - March 15]This week, international gold prices have continuously increased sharply, from 2,079 USD/oz to 2,195 USD/oz and closing at 2,178 USD/oz. Gold prices rose sharply as the US economy added 275,000 jobs in February 2024, surpassing expectations. However, there were downward revisions to job numbers in January and December. The unemployment rate in the US also increased from 3.7% in January to 3.9% in February. Concerns arise about potential downward adjustments in future employment data releases. The US labor market seems to be starting to absorb the blow from the FED's continuous monetary tightening. This causes the market to increase expectations that the FED will start cutting interest rates next June. US inflation has decreased but slightly exceeded expectations. FED Chairman Powell is satisfied with the current data but wants more confirmation before cutting interest rates. The upcoming February CPI announcement will be closely watched. A higher than expected CPI may reduce rate cut expectations and lead to profit-taking by gold investors, while it could also increase gold prices further. While gold prices are expected to continue rising in the medium and long term, they may experience short-term fluctuations due to profit-taking before resuming their upward trend. 📌Technically, the gold price is in wave 5 of the Elliott wave model and could reach a target range of 2300 Fibo 361 to 2600 Fibo 461 based on Fib Extension milestones. It is difficult to predict the record high price without more information, so we need to wait for time to provide an answer. This week, the weekly fluctuation range is over 100, and the trading plan for next week includes selling near the 2300 resistance mark and buying if the price adjusts back to the 2100 resistance mark.
OANDA:XAUUSD
by Xayah_trading
XAUUSD Is this a legitimate correction?Gold (XAUUSD) eventually broke above the Channel Up on our last signal (March 04 2024, see chart below) and almost hit the 2200 Target: It may be time to take profit on the break-out buy as the Bullish Leg since the February 14 Low is so far in perfect symmetry with the previous that peaked on December 04 2023 and potentially with the one before that peaked on October 27 2023. Both pulled-back to at least the 0.382 Fibonacci retracement level, the December one even as low as the 0.786 Fib. Even March 20 2023 even pull-back to the 0.382 Fib. With the 1D MACD about to form a Bearish Cross (all previous ones were a Sell Signal) and the price being near the top of the wider Channel Up, Gold flashes the strongest sell signal in months. Target 1 is 2115 (Fib 0.382) and if we close a 1W candle below it, then re-sell with Target 2 at 2030 (Fib 0.786). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSDShort
by TradingShot
1
GOLD → Liquidation of sellers could trigger a fall. Target 2100?FX:XAUUSD stops after a strong rally. A new ATH = 2195 is formed, after which the market starts the correction phase. The support 2175 is broken and the price tests 2150. There is a probability of continuation of decrease but after resistance retest. The fundamental background has been maintained since Tuesday. Yesterday we got CPI positive for the dollar, which temporarily strengthens the index and negatively affects the gold. After the 2175 breakout, the market gives us a move of almost 240 pips. Fundamentally, there is no important news today, so the market is influenced by yesterday's data. On H1, consolidation is forming below 2161. Buyers are trying to buy back the fall, but sellers do not let prices go above 2165. In this case, the most likely scenario may be a shakeout (false breakdown of 2165) and liquidation of sellers before a further decline to 2144 - 2100. Resistance levels: 2165, 2175 Support levels: 2144, 2125, 2100 The correction phase is most likely not over yet. The price may test the resistance before a further decline with a negative fundamental background TVC:DXY COMEX:GC1! COMEX_MINI:MGC1! NCDEX:GOLD Regards R. Linda!
FX:XAUUSDShort
by RLinda
13
GOLD → High readiness for correctionFX:XAUUSD is consolidating above 2175, but at the same time a descending triangle is forming. Theoretically, price should break support, which will form a false break of 2175. On D1, volumes are declining, price is stopping after a strong rally. On H1, support 2175-2175 is formed and price has been squeezing towards support for a few hours, which increases the chances of a support breakout. But! If buyers do hold this area, the price may test the local high or 2200 before further declines. The dollar index is forming a correction from support, which is giving a corresponding reaction in the gold market as well. A descending triangle is forming on H1. A break of the support at 2175 will give an impulse to the lower levels. Resistance levels: 2185, 2195, 2200 Support levels: 2175, 2161, 2144 I expect correction after the false breakdown of 2175. Consolidation of the price below the level will give confirmation that the market is ready to correct TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
FX:XAUUSDShort
by RLinda
20
GOLD still soaring despite positive employment figuresThe world gold spot price is around 2,179 USD/ounce, a sharp increase of nearly 19 USD/ounce compared to yesterday's trading session. The international financial market last night received more positive information about the February employment report in the US. Specifically, according to the US Department of Labor in February 2024, the non-agricultural sector created 275,000 new jobs, much higher than the previous prediction of 198,000 new jobs; higher than the adjusted figure of 229,000 new jobs in January. Only the unemployment rate increased to 3.9%, remaining at 3.7% for the first time in 4 months. The labor force participation rate remained stable at 62.5%. Average earnings per hour worked in February, a key measure of inflation, decreased slightly with wages rising 4.3%, lower than the previous forecast of 4.4%, an increase of only 0.1 % compared to January. Thus, the February employment report in the US was quite positive. Although the unemployment rate increased, the number of employed workers remained stable. Normally, positive employment data will help the USD strengthen and gold will decrease in price. However, this time is different, the conflict in the Red Sea has "heated up" again with the Houthi attack on the True Confidence ship, killing at least 3 crew members on March 6, despite The US naval coalition is there. This has caused the number of ships passing through the Suez Canal area to decrease sharply. The Houthi attack on commercial ships caused a crisis in the transportation of goods across the Red Sea and it will take several months, or even longer, to overcome. Manufacturing, trading and transportation businesses have to spend higher costs to meet international orders. This significantly affects the production and business activities of enterprises, as well as the growth of economies. Increased risks have caused investors to continue buying gold to preserve capital and seek profits.
OANDA:XAUUSD
by Xayah_trading
GOLD → 2200 is unaffected. Are we close to a correction?FX:XAUUSD has been trading quietly since the opening of the session, but after a strong growth the price starts to stop. 2195 - 2168 actual consolidation. It is necessary to follow the reaction of the price to the flat boundaries. The market today without news, trading can be quite calm. The dollar index is testing a strong support area, the shadow of Friday's candle indicates a possible correction. Gold may react the same way. The price of the metal after a strong rise stops, resistance begins to appear in the market. Bull Run cannot last forever, the market maker can reverse the local price movement with the purpose of liquidation. It is worth paying attention to the support at 2175, 2161, 2144. The break of the structure of these zones may start the correction phase. Resistance levels: 2194, 2200 Support levels: 2175, 2168, 2161 I expect a correction, which may come either when the mentioned support lines and liquidity zones are broken or after the test of 2200 CAPITALCOM:DXY TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
FX:XAUUSDShort
by RLinda
2
GOLD → Test 2200. Should we wait for correction to 2150 - 2100?FX:XAUUSD in the distribution phase updates highs to 2195. Price enters resistance zone while the dollar index gets a dose of negative news and high inflation. CPI, Core retail Sales, Initial Jobless Claims and PPI are worth watching in the coming week. Also, quite a few FED & FOMC speeches after Powell's two day speech that said nothing new. The dollar index is testing a strong liquidity area, the price may react with a bounce upwards, which will give a corresponding reaction for forex and gold. Gold is breaking out ahead. A range between the psychological target of 2200 and the previous ATH of 2150 is forming. The probability of seeing a correction from the upper boundary of the expected range is quite high, as the bull run cannot be permanent. The interest to the metal is very high on the background of weak geopolitics and also the inflow of capital on the background of outflows from ETFs. Gold is not falling yet because of the continuing strong demand from the Central Banks of emerging countries, but at the same time the market maker may organize a liquidation. Based on the H1 chart, the price is aiming to test 2200-2225, which is a psychologically important target. The price is behaving quite strongly, volumes are growing. Consolidations are formed with continued distribution. There are no pullback zones and strong enough support areas. But, a retest of the local resistance with the subsequent correction is also possible. But the nearest supports should be treated with caution. The local growth of the dollar may provoke a breakout of gold support, which may activate the sell-off phase TVC:DXY MCX:GOLD1! TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
OANDA:XAUUSD
by RLinda
12
GOLD sets new peak, be cautious in speculative buyingGold prices broke records this week, reaching $2,150/ounce. The strong recovery was fueled by a weakening U.S. dollar and falling Treasury yields on bets that the Federal Reserve could start cutting borrowing costs sooner than the Federal Reserve proposed. policy makers. While Fed Chairman Powell has signaled that the central bank is in no hurry to cut interest rates and will need more evidence that inflation is approaching 2.0% on a sustainable basis before pulling the trigger, the Traders remain skeptical and are betting on an easing cycle starting as soon as June, partly due to a resurgence of the regional banking crisis. The divergence between Powell's message and market expectations appears to be driving bond yields lower, reinforcing the appeal of bullion. In this context, the yellow metal tends to rise when interest rates fall, as this reduces the opportunity cost of holding non-yielding assets. In any case, Friday's key US nonfarm payrolls report will be the final arbiter for Wall Street and the Fed. Economists predict the US economy will add 200,000 jobs in February, but cannot rule out the possibility of a bullish surprise as recent jobs data has consistently come in above estimates. A strong jobs report could vindicate Powell's relatively hawkish stance, causing traders to ease dovish bets on the FOMC's policy direction. This scenario will weigh heavily on gold prices. Conversely, weak jobs growth could bolster confidence in an early rate cut, sending the precious metal even higher. FORECAST OANDA:XAUUSD – TECHNICAL ANALYSIS Gold prices surpassed December's peak of $2,150 this week, setting a new all-time high. If this bullish breakout holds in the near term, the bulls may gain the confidence to mount an attack on the trendline resistance at $2,185. Despite bullion's positive technical outlook, caution is still needed as overbought conditions could lead to a market reversal. That means, if the sellers return, all eyes will be on the $2,150 level. Below this area, there is a lack of significant support until the $2,090 level, increasing the risk of a deep retracement in the event of a breakdown. Further down, the focus turns to $2,065, followed by $2,040.
OANDA:XAUUSD
by Xayah_trading
GOLD continue to rise, breaking all recordsChairman of the US Federal Reserve (Fed) Jerome Powell gave his first speech in two days of testimony before the US Congress on March 6-7. He continued to affirm that the Fed will consider adjusting interest rates at any time. Interest rates will begin to decrease this year, but it is still unknown when. Because this agency is still concerned about the risks caused by inflation, it does not want to loosen policy too early. The USD saw a sell-off and US bond yields fell slightly after Mr. Powell's remarks, supporting a spike in gold prices. In a recent note, there is a 25% probability of gold reaching a record level of 2,300 USD/ounce in the second half of the year. The basic outlook they forecast for gold prices is still 2,150 USD/ounce, and also believes that gold will likely climb to 3,000 USD/ounce in the next 12-16 months. Gold acts as an "anti-recession hedge" in developed markets and is increasingly seeing positive impacts from the instability surrounding the US election next November. Very optimistic about the prospect of a breakthrough in gold prices. In the short term, gold prices may increase by several hundred USD. In the long term, in the next 1-2 years, the price could reach 2,700 - 2,800 USD/ounce.
OANDA:XAUUSD
by Xayah_trading
GOLD's all-time high is still within touching distanceGold’s recent rally accelerated last Friday, driven higher by weak US economic data, and the rally back towards a new all-time high has continued this week with the precious metal posting a $2,141.8/oz. peak yesterday. This left gold just $3 short of printing a new ATH. The technical outlook for gold remains positive and suggests that the precious metal will continue to move higher. The drivers for the latest move higher in gold remain the same, the upcoming series of US interest rate cuts – three 25 basis point moves seen this year, starting at the June FOMC meeting – ongoing haven buying on geopolitical fears in Ukraine and the Middle East, and heavy central bank buying as bankers diversify away from the US dollar. Later today, Fed Chair Jerome Powell will testify to the House Financial Services Committee (15:00 UK). Mr. Powell is not expected to lay out any timetable for interest rate cuts just yet, although any discussions about inflation, or the US labor market, will be keenly followed. The next FOMC meeting is on March 20th and this may be a more appropriate setting for official rate cut discussions. The daily gold chart remains positive with a prior level of resistance at $2,081/oz. now turning into support. Before that, the $2,114/oz level may act as a buffer after closing there on Monday and opening there on Tuesday. The CCI indicator at the bottom of the chart does show gold to be extremely overbought although this reading is starting to move lower. There may be a short period of consolidation ahead but overall the path of least resistance for gold is higher.
OANDA:XAUUSD
by Xayah_trading
2
GOLD → NFP. $2200 or $2100? What could happen?FX:XAUUSD is in the bull run phase. The price growth is fueled not only by the breakout of consolidation, bullish trend, but also by the huge interest on the background of negative geopolitics, high inflation, but also by the fundamentally weakening dollar. The price is forming strong consolidations with subsequent growth without correction phases, which tells us that there is either a strong buyer or no seller, which is more likely. For the market, psychological levels may be the targets. Such as 2175, 2200. The scenario with a false breakdown of the past ATH failed due to fundamental factors. So at the moment we need to consider a test of the above mentioned important levels. There is news ahead which is important but at the same time unpredictable. Be careful. Price entry into the risk zones will trigger a strong sell-off phase. Resistance levels: 2175, 2185, 2200. Support levels: 2161, 2145, 2100 It is hard to expect anything amid strong growth and approaching NFP. The market may be very aggressive and give high volatility and volume. Within this framework, the price can quite confidently test both 2200 and 2100 (buyer liquidation phase) TVC:DXY CAPITALCOM:GOLD NCDEX:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
FX:XAUUSD
by RLinda
8
XAUUSD Is it starting the new cyclical Mega Rally?Gold (XAUUSD) broke the previous All Time High (ATH) yesterday as expectations over a June rate cut intensified. In order to determine our short-term strategies on Gold we often tend to look at the long-term time-frames for trend recognition. This time we look at the 1W chart and in particular how Gold's previous Cycle compares to today. We could look at those from a 1M (monthly) standpoint but we are particularly interested in making a case of the 1W RSI as it plays a critical role here. As you can see Gold's previous Cycle from 2013 - 2020 is so far highly similar and symmetrical with the recent Cycle of 2020 - 2024. The current ATH break is slightly diverging from the September 04 2017 High as Gold didn't make an ATH then but so did the December 04 2023 High, which was priced purely on fundamentals (geopolitical unrest). You can clearly see the RSI's key role here as despite Gold's new ATH, the RSI has only entered its 4-year Resistance Zone. On those terms, it is no different than the September 04 2017 High. As a result, if we don't see a considerable extension of the current rally, for example a 1M candle closing above the Resistance Zone, it is more likely to see a correction back to the 1W MA50 (blue trend-line). If not and the rate cut expectations prevail, the Mega Rally Phase should start earlier on this Cycle. And as always it will be brutally bullish with the 1W MA50 in support. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
GOLD → Can the market maker end the bull run?FX:XAUUSD continues to test the highs. Price is trading above ATH 2023y. Bull Run may not be permanent, market maker may form a false resistance breakout amid distribution exhaustion. The exhaustion of the strong rally can be seen on this chart. Price is at its highs after a strong rally. It is not profitable for the market maker to let everyone make money :). At the moment the probability is quite high to see a false breakdown of 2148-2150 followed by a fall. It's not about trend change, but about correction. The global trend is bullish. But, there is strong news today. Initial Jobless Claims, Fed Chair Powell Testifies. And all this before tomorrow's NonFarm Payrolls. Worth paying attention to these things. Resistance levels: 2148, 2150 Support levels: 2144, 2125, 2110, 2100 There is a possibility that the market maker is waiting for volume to form on long positions above 2145-2150 to turn price around. The correction after the bull run has a very high percentage of probability at the moment TVC:DXY TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
FX:XAUUSDShort
by RLinda
11
GOLD breakout continues to increase depending on NFPGold prices have staged a notable rally over the past week, surpassing key technical levels to reach their highest point since December 2023. By late Friday, the precious metal had recorded gains A significant weekly increase of 2.33%, reaching nearly 2,088 USD. Bullion's bullish momentum can partly be attributed to a moderate drop in U.S. Treasury yields, a reaction triggered by two key economic reports that have investors weighing the impact of them to the Federal Reserve's monetary policy stance. Looking ahead, traders should pay attention to upcoming US February jobs data to better understand the market trajectory. A blockbuster report reflecting strong numbers for January would undermine hopes of the Fed moving to cut interest rates soon, potentially sending gold prices tumbling. On the other hand, if nonfarm payrolls come in lower than forecast and hint at growing economic headwinds, interest rate expectations could be revised to a more dovish direction. put pressure on yields. This scenario is ready to support precious metals.
OANDA:XAUUSD
by Xayah_trading
1