👑 Ideas For #XAUUSD / #GOLD
📈 Inside the key range. Emphasis on MA-200 ↑
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GOLD confirms strong trend support, forming a rebound and recovery to the resistance zone, but MM is still holding the price before the news, in order to gather liquidity...
Traders are waiting for the US GDP and Initial Jobless Claims and are not ready to take any action prematurely because of the high risk. On Thursday, Fed spokesman Bostic commented on the situation, stating that he is against the first interest rate cut because “inflation has fallen faster than expected and unemployment has risen more than expected”. The market had little reaction to this statement.
The Global decline in the US dollar is favorable for the gold price ahead of the release of the second estimate of the US GDP for the second quarter (GDP is expected to be 2.8%)
Resistance levels: 2517, 2531
Support levels: SMA, 2500, trend
The market is arguing for the 2517 zone. A pullback is possible as gold is still in consolidation. But overall the outlook is bullish, as is the trend. The short-term tone may be set by the news. If everything remains on the same wave, we should consider growth from the key support zone or continuation of the movement when resistance is broken. Targets and key zones are marked on the chart ;)
📈 Inside the key range. Emphasis on MA-200 ↑
———————————————
GOLD confirms strong trend support, forming a rebound and recovery to the resistance zone, but MM is still holding the price before the news, in order to gather liquidity...
Traders are waiting for the US GDP and Initial Jobless Claims and are not ready to take any action prematurely because of the high risk. On Thursday, Fed spokesman Bostic commented on the situation, stating that he is against the first interest rate cut because “inflation has fallen faster than expected and unemployment has risen more than expected”. The market had little reaction to this statement.
The Global decline in the US dollar is favorable for the gold price ahead of the release of the second estimate of the US GDP for the second quarter (GDP is expected to be 2.8%)
Resistance levels: 2517, 2531
Support levels: SMA, 2500, trend
The market is arguing for the 2517 zone. A pullback is possible as gold is still in consolidation. But overall the outlook is bullish, as is the trend. The short-term tone may be set by the news. If everything remains on the same wave, we should consider growth from the key support zone or continuation of the movement when resistance is broken. Targets and key zones are marked on the chart ;)
