XAU SCALPING - 7 January - break trend and wait for next recover
Updated
XAU / USD trend forecast January 7, 2024
Gold price (XAU/USD) sees limited gains, hovering slightly above $2,640 during early European trading on Tuesday. While ongoing geopolitical tensions from the prolonged Russia-Ukraine conflict and unrest in the Middle East weigh on market sentiment, concerns over US President-elect Donald Trump's tariff policies add further unease. A slight dip in the US Dollar (USD) provides some support to the yellow metal.
However, the Federal Reserve's (Fed) hawkish stance restricts significant upward momentum for Gold. The Fed has indicated a slower pace of rate cuts in 2025, maintaining elevated US Treasury yields, which supports the USD and pressures the non-yielding asset. Additionally, traders remain cautious ahead of the upcoming FOMC meeting minutes and the US Nonfarm Payrolls (NFP) data, scheduled for Wednesday and Friday, respectively.
Short term frame - price breaks trend, however sideway price zone still exists, can wait for retest BUY 2633
/// BUY XAU : zone 2633-2630 scalping
SL: 2627
TP: 50 - 100 - 150pips (2645)
Safe and profitable trading
Gold price (XAU/USD) sees limited gains, hovering slightly above $2,640 during early European trading on Tuesday. While ongoing geopolitical tensions from the prolonged Russia-Ukraine conflict and unrest in the Middle East weigh on market sentiment, concerns over US President-elect Donald Trump's tariff policies add further unease. A slight dip in the US Dollar (USD) provides some support to the yellow metal.
However, the Federal Reserve's (Fed) hawkish stance restricts significant upward momentum for Gold. The Fed has indicated a slower pace of rate cuts in 2025, maintaining elevated US Treasury yields, which supports the USD and pressures the non-yielding asset. Additionally, traders remain cautious ahead of the upcoming FOMC meeting minutes and the US Nonfarm Payrolls (NFP) data, scheduled for Wednesday and Friday, respectively.
Short term frame - price breaks trend, however sideway price zone still exists, can wait for retest BUY 2633
/// BUY XAU : zone 2633-2630 scalping
SL: 2627
TP: 50 - 100 - 150pips (2645)
Safe and profitable trading
Trade active
Exact uptrend - price exceeds 2650 zoneTrade closed: target reached
Gold price increased strongly - surpassed the 2660 mark, then adjusted downward to create more liquidity
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