#XAUUSD (GOLD)
👑 Ideas For XAUUSD / GOLD
📈 GOLD Correction after the rally: Bears still dominate
📈 GOLD → From rally to consolidation. Rest before NFP...
Analysis:
Gold (XAUUSD) has strengthened following comments from Federal Reserve Chairman Jerome Powell. His light positive notes led to a sell-off in the U.S. Dollar Index (DXY), causing a small rally in gold prices to $2364. Today is a public holiday in the U.S., leading to reduced liquidity, and tomorrow's Non-Farm Payrolls (NFP) report is highly anticipated.
Current Market Conditions:
U.S. Holiday: Reduced market liquidity may result in high volatility but weak movements.
Resistance Levels: $2364, $2375
Support Levels: $2353, $2341
Technical Analysis:
Resistance Testing: Gold is currently testing resistance and liquidity areas.
Correction Formation: With a strong distribution, there is a high probability of correction rather than a breakthrough.
Bearish Patterns: Local bearish patterns are appearing on the chart, suggesting a potential correction to gather momentum before the NFP report.
Conclusion:
False Breakout: After the recent distribution, a false breakout is forming, indicating no immediate potential for an upward move.
High Probability of Correction: Given the current technical setup, there is a high probability of a correction or consolidation.
📈 GOLD Correction after the rally: Bears still dominate
📈 GOLD → From rally to consolidation. Rest before NFP...
Analysis:
Gold (XAUUSD) has strengthened following comments from Federal Reserve Chairman Jerome Powell. His light positive notes led to a sell-off in the U.S. Dollar Index (DXY), causing a small rally in gold prices to $2364. Today is a public holiday in the U.S., leading to reduced liquidity, and tomorrow's Non-Farm Payrolls (NFP) report is highly anticipated.
Current Market Conditions:
U.S. Holiday: Reduced market liquidity may result in high volatility but weak movements.
Resistance Levels: $2364, $2375
Support Levels: $2353, $2341
Technical Analysis:
Resistance Testing: Gold is currently testing resistance and liquidity areas.
Correction Formation: With a strong distribution, there is a high probability of correction rather than a breakthrough.
Bearish Patterns: Local bearish patterns are appearing on the chart, suggesting a potential correction to gather momentum before the NFP report.
Conclusion:
False Breakout: After the recent distribution, a false breakout is forming, indicating no immediate potential for an upward move.
High Probability of Correction: Given the current technical setup, there is a high probability of a correction or consolidation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.