Lingrid | GOLD Weekly PRICE Action ANALYSISOANDA:XAUUSD market rallied this week following the FED's 50 basis point interest rate cut. While there is a potential for buy-the-dip strategies to attract bulls, the current price levels might be in overbought territory, making it challenging to expect the price at higher levels. This situation could lead to a sideways movement in the market.
If the price does drop toward the 2600-2620 zone, it may entice bulls to enter the market, considering it a more favorable buying opportunity. The close of the September candle will be critical, as it could signal the future price direction. If September closes with a long-tailed bar, this could indicate a potential pullback toward the psychological support level at 2600 or the 50% retracement of the monthly range.
Next week, the market will also be influenced by high-impact economic news, including the Non-Farm Payrolls (NFP) and the Unemployment Rate, which could significantly affect price direction. Keep an eye on these upcoming news.
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