👑 Ideas For XAUUSD / GOLD
📈 GOLD → Pre-breakdown structure, but NFP is ahead. ↑ or ↓ ?
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GOLD is updating the high within consolidation after rallying. Technically, this is a good sign, but NFP and unemployment are ahead. The news could either reinforce the move or completely derail it...
📈 GOLD → Pre-breakdown structure, but NFP is ahead. ↑ or ↓ ?
———————————————
GOLD is updating the high within consolidation after rallying. Technically, this is a good sign, but NFP and unemployment are ahead. The news could either reinforce the move or completely derail it...
A nice bullish pattern is forming on D1 against resistance at 2365. The deceleration and consolidation in front of the level indicates bullish interest in further growth. But today it is worth paying attention to the fundamental background.
From this point of view, the outlook for gold depends on the upcoming news and the reaction of the Fed. Based on previous data, traders expect Friday's employment report to show only 189K new jobs compared to 270K in the previous month, and the unemployment rate to remain unchanged. But the actual data plays a bigger role. Rising unemployment and slowing economic growth may support the gold, as the dollar may continue its localized decline on this background. But, unpredictable data can increase the volatility and affect the market structure in a very opposite way.
Resistance levels: 2364. 2387
Support levels: 2355, 2350, 2341
Technically, on D1-H4 gold shows bullish prerequisites, but the economic component plays a big role, which can both support the current movement and reverse it up to liquidation and decline to 2340-2320.
From this point of view, the outlook for gold depends on the upcoming news and the reaction of the Fed. Based on previous data, traders expect Friday's employment report to show only 189K new jobs compared to 270K in the previous month, and the unemployment rate to remain unchanged. But the actual data plays a bigger role. Rising unemployment and slowing economic growth may support the gold, as the dollar may continue its localized decline on this background. But, unpredictable data can increase the volatility and affect the market structure in a very opposite way.
Resistance levels: 2364. 2387
Support levels: 2355, 2350, 2341
Technically, on D1-H4 gold shows bullish prerequisites, but the economic component plays a big role, which can both support the current movement and reverse it up to liquidation and decline to 2340-2320.
