Gold Market Analysis: Growth Prospects Next Week

Mars_Hunter Updated   
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold price regains positive traction and remains within the striking distance of a one-month top. Expectations that the Federal Reserve is down with its rate-hiking cycle underpin the XAU/USD. A positive risk tone might hold back bulls from placing aggressive bets and cap any further gains.

On the hourly time frame, the ascending channel resistance was previously broken, all expectations are for further growth, I told you there is a possibility of a false breakout. On Friday, after the release of the non-agricultural employment data and the unemployment rate, the market fluctuated in two directions, and the price returned to the boundary of the ascending channel (false breakthrough), and the closing was still an alternative to the ascending channel (false breakthrough). ). The opening price of the channel. Friday meeting. The market is weak.

As the DXY US dollar index is testing strong resistance around 104.5, a break of this area will lead the price towards 105.5, which will have a negative impact on the formation of gold prices.

BUY GOLD zone 1934-1936
SL 1930
TP 1940,1950
Today is a holiday for the US and Canadian markets, so gold does not fluctuate strongly
Gold is moving in line with my analysis, let's wait for gold to hit entry to take profits at the beginning of the week
Gold price traded back and forth from the past four trading sessions even though cooling labor market conditions boosted the Federal Reserve’s soft landing hopes. A softening job market could mean that the Fed’s interest rate hike in July was the last one in the current policy tightening spell.
Trade closed: target reached:
running + 20 pips for this plan
Are you ready to wait for the best profits for this signal?
The hawkish sentiment surrounding the Fed's upcoming September meeting policy decision continues to support US Treasury rates. This increases investor confidence in the US dollar (USD). The 10-year US bond yield increased to 4.28%, an increase of 0.05 percentage points as of the time of writing. The US Dollar Index (DXY), which measures the value of the greenback against six other major currencies, is hovering around 104.80.

Additionally, the US ISM Services PMI rose to a six-month high of 54.5 in August. While the S&P Global Services Composite and PMI fell to 50.2 and 50.5 . It is worth noting that moderate US data helped strengthen the dollar.
Please update the latest strategy to closely follow the market

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