👑 Ideas For #XAUUSD / #GOLD
📈 Risk zone! One step away from a prolonged correction
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GOLD is trading in the lower half of the key range. The price failed to hold above 2493, the market is spilling back to support. But, there are nuances pointing to both a rebound and a possible fall...
The trend is still bullish. The price is entering the risk zone of 2470 - 2480. If the bulls do not keep the price above this zone, we should expect a prolonged correction. But, there are Initial Jobless Claims and NFP report ahead, which traders are waiting for so much. The economic nuances can both strengthen local movements and revive the global trend.
On H1 the price is strongly declining to the support, such a fast movement is fraught with a rebound, which can bring the price back to 2493 - 2500 and this is probably the key movement. But there is a but everywhere! It is hard to tell from the volumes that the buyer is ready for any action. False breakout and consolidation above 2477 may affect the growth.
Resistance levels: 2493, 2500
Support levels: 2477, 2473, 2450
But the fall is not excluded. If there is no reaction to the 2477-2473 zone in the form of a rebound, and gold starts to consolidate near the support, then we should consider a decline, the key target of which could be the 2450 zone and the trend line on D1.
📈 Risk zone! One step away from a prolonged correction
———————————————
GOLD is trading in the lower half of the key range. The price failed to hold above 2493, the market is spilling back to support. But, there are nuances pointing to both a rebound and a possible fall...
The trend is still bullish. The price is entering the risk zone of 2470 - 2480. If the bulls do not keep the price above this zone, we should expect a prolonged correction. But, there are Initial Jobless Claims and NFP report ahead, which traders are waiting for so much. The economic nuances can both strengthen local movements and revive the global trend.
On H1 the price is strongly declining to the support, such a fast movement is fraught with a rebound, which can bring the price back to 2493 - 2500 and this is probably the key movement. But there is a but everywhere! It is hard to tell from the volumes that the buyer is ready for any action. False breakout and consolidation above 2477 may affect the growth.
Resistance levels: 2493, 2500
Support levels: 2477, 2473, 2450
But the fall is not excluded. If there is no reaction to the 2477-2473 zone in the form of a rebound, and gold starts to consolidate near the support, then we should consider a decline, the key target of which could be the 2450 zone and the trend line on D1.