GOLD → Friday sales, price in sideways movement FOREXCOM:XAUUSD was ready to overcome the resistance of the 2062 range, but Friday's NFP, with sharply unexpected data of 353K ruined the temporary plans of buyers. The dollar is building strong momentum and continues its strengthening trend.
pic: Long-term bullish trend. The price is trading at its maximum values
On the 2-week timeframe we see a strong bullish trend, price is trading at its highs and is likely to continue to test the extensive resistance area for a breakout. The reason for this is the high interest in the world during the geopolitical instability, banking crisis, and the huge interest from the world Central Banks, which continue to buy the asset.
Fundamentally, gold is no longer actively reacting to the conflicts in the Middle East, but investors continue to buy the metal as a safe haven.
Last week Powell made it clear that they will cut the interest rate, but not in March, which disappointed investors a bit, but Friday's NFP, which was apparently bogus, formed a strong sell-off at the end of the week ( high NFP with high jobless claims... ).
In the coming week, we should expect the FED chief to speak, as well as other members of the Federal Reserve. On Thursday, Initial Jobless Claims is worth paying attention to.
pic: Sideways price movement in the gold market. Neutral position between bears and bulls
Locally, on H1, gold is in the 2064-2016 range. Also, there is a strong support area at 2031 from below, after a false break of which the market is buying back the decline a bit. Technically, gold is strong and quite confidently can defend its positions on the background of the dollar growth, but on the background of panic and imbalance from the support, the Market Maker can form another long-squeeze relative to the lower levels. It is also worth paying attention to the fact that the price is still in the range. It is difficult to trade inside the range, so I advise you to look for strong levels or zones.
Resistance levels: 2057, 2064, 2040
Support levels: 2031, 2020, 2016
OANDA:XAUUSD TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY
Regards R. Linda!
