XAUUSD Until the big institutions’ warehouses are filled with quantity, gold will not move from its place — it will just keep going like this.
Definitely, this kind of move doesn’t look like an upside one, because when the price goes up, no decisive fair value gap is being created — this shows weakness.
XAUUSDGOLD After seven consecutive days of gains, gold saw a sell-off yesterday, falling to a low of 3510 before rebounding to around 3560. Technically, this closing pattern is often a transitional pattern within an upward trend, as prices remain within an ascending channel. Furthermore, a double top or head-and-shoulders top pattern has yet to emerge and establish.
The daily chart retreated to the 5-day moving average at 3511 yesterday before bottoming out and rebounding. The market strengthened again in the European and American markets, rallying to around 3559. The 10-day and 7-day moving averages remain upward, moving to 3504 and 3467, respectively. The RSI indicator remains above 70.
On the short-term four-hour chart, gold prices are trading within the upper middle Bollinger Band, with the moving averages gradually converging and the hourly Bollinger Bands closing. Regarding news data, focus on US NFP data today. The market's estimate is slightly bearish, but the 4.3% increase in the unemployment rate is bullish for gold. The main strategy for intraday trading is to focus on wide range fluctuations, with a focus on buying on dips!
Key Points: First Support Level: 3536, Second Support Level: 3523, Third Support Level: 3510
First Resistance Level: 3562, Second Resistance Level: 3576, Third Resistance Level: 3590
XAUUSD Accumulation, manipulation, distribution — right now the market is in the accumulation phase. The longer the market stays in this range, the bigger the move will be when the NFP news comes out.
XAUUSD In trading, if you did the analysis but didn’t have confidence in it, and because of that fear you didn’t take the trade—which actually turned out to be the right trade with the right analysis—then the pain of that regret is greater than anything else. That’s why you should always take the trade with a small risk.
XAUUSD Until the big institutions’ warehouses are filled with quantity, gold will not move from its place — it will just keep going like this.
