R.Linda Trading - forecast

GOLD ( XAUUSD ) - Price is preparing to make a new high on NFP

GOLD Forecast
👑 Ideas For #XAUUSD / #GOLD

📈 Aggressive bulls and double bottoms. What's next?

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GOLD is testing the local high of 2523 and stops, forming consolidation ahead of NFP. Traders expect the strengthening of favorable background...

Traders remain cautious ahead of the US NFP release, which may affect the market's expectations about the possibility of a larger interest rate cut by the Fed in September. Even a small disappointment could prove to be negative for the dollar and open the way for a significant rally in the gold price. Technically, the focus is on 2523 (2526) - 2513 - 2504. Accordingly, the price may trade inside these boundaries for a while. A favorable report for gold may increase the interest in the metal, which may play a role in breaking through the resistance 2526 - 2531 and trying to reach the psychological target of 2550 - 2600.

Resistance levels: 2523, 2526, 2531

Support levels: 2513, 2504

BUT, it is not excluded that an unexpected report (as it often happens) can destroy local bullish prospects and form a price spill towards the range support (2500 - 2475)