forex and gold forecast for this week 1/09/2024 to 6/09/2024

Aug 31

Hey there!
It sounds like you’re ready to dive into the markets next week. Here are some key points to consider for your trading strategy:

Gold (XAU/USD)
Trend: Gold is in a consolidative phase around $2,500. Watch for a breakout above $2,532 for potential bullish momentum.
Support/Resistance: Key support at $2,470 and resistance at $2,532. A break above $2,532 could target $2,550 and $2,600.
Factors: Keep an eye on US PCE inflation data and geopolitical tensions, especially between Russia and Ukraine.
Forex (USD)
US Dollar: The USD might face bearish pressure. Focus on employment data and Federal Reserve decisions.
Key Influences: Potential Fed rate cuts and economic data like retail sales and employment figures will be crucial.
Trading Direction
Gold: If gold breaks above $2,532, consider long positions. If it falls below $2,470, short positions might be favorable.
USD: With bearish pressure, look for opportunities to short the USD against stronger currencies.