XAUUSD Weekly Outlook !!!!XAUUSD is currently trading at 1948.100 towards the end of last week we saw gold reach a strong resistance point where we had a harsh rejection, aided also by the strong red file news on Friday afternoon -
Average Hourly Earnings m/m - Change in the price businesses pay for labor, excluding the farming industry
Forecast - 0.3% Actual - 0.3%
Non-Farm Employment Change - Change in the number of employed people during the previous month, excluding the farming industry
Forecast - 193k Actual - 339k
Unemployment Rate - Percentage of the total work force that is unemployed and actively seeking employment during the previous month
Forecast - 3.5% Actual - 3.7%
This week could go two ways, we will either see price continue to put pressure on the bears and drive price below our support level 1932.160 from there our next area of sensitivity would be in the range : 1920.458 - 1903.815 eventually achieving our bear market goal of between 1828.708 - 1809.931.
On the other hand, we could see price reject from the 1932.160 support if this outcome does occur i believe that price will trading within the range we have traded in all week ( 1985.749 - 1932.160 )
I will update this theory of outcomes throughout the week and relay on this markup to see where we are at, markets open in 2 and a half hours wish everyone a great trading week.
