XAUUSD Good day! Gold closed just $2 below 3635 yesterday and today failed to break 3630 instead catching a bounce from that zone. Morning squeeze in MA at Tokyo open gave momentum for a push above 3650.
Post-inflation data, no aggressive cuts is on the table . But what went silent under the radar was jobless claims now the weakest since Oct 2021. That shifts investors to pricing 3 rate cuts back-to-back starting sep -oct-dec. If that happened , gold won’t head south only very minor retracements to reload for upside.
For day trades, dips from early levels are best to buy. Remember, 3670 acts as a ceiling for intraday beyond it the move extends further. With no major news ahead and Friday closing into a tense week, gold looks set for a supported close above 3650. Trade safe
XAUUSD Long story short… If gold is not able to cross the recent high, the structure will continue, meaning it will break the recent low that has been formed. In this condition, the downside target will be 3607. If it breaks the recent high, then it can also go to an all-time high.
Rationale: Price broke the descending trendline, holds above 70-EMA & 200-EMA, and is retesting a fair-value-gap support, which favors continuation to the upside.
XAUUSDGOLD Weaker-than-expected US inflation and initial jobless claims data reinforced expectations of a Federal Reserve rate cut. The US dollar index closed lower in response. Technically, the daily chart saw a volatile oscillation between gains and losses, with the daily price closing above the 5-day moving average. Yesterday's downward test of 3612-3615 re-established support.
From a 4-hour perspective, today's support is around 3610-3615. Rebounds from this level will continue to support the bullish trend. The short-term bull-bear boundary remains at 3600. Buy on dips until this level is broken on the daily chart.
The 4-hour chart shows prices trading within the upper half of the Bollinger Bands, with the RSI above the mid-axis. The hourly chart shows the Bollinger Bands closing, the RSI trending sideways, and the moving averages closely aligned. Buy on dips is the key strategy for Friday's trading, and the weekly chart predicts continued gains. However, in the short term, gold prices are trapped in a wide range.
Key Points: First Support Level: 3628, Second Support Level: 3615, Third Support Level: 3600
First Resistance Level: 3658, Second Resistance Level: 3667, Third Resistance Level: 3680
GOLD tomorrow I expected some profit booking in gold till 3572 if it does not happen then forget about major selling in gold in the short term.rest market is supreme
XAUUSD Good day! Gold closed just $2 below 3635 yesterday and today failed to break 3630 instead catching a bounce from that zone. Morning squeeze in MA at Tokyo open gave momentum for a push above 3650.
