Hello dear traders! Are you wondering whether to buy or sell 
XAUUSD ?
Yesterday, gold experienced a significant increase, with prices temporarily surpassing $3,000. It then slightly declined and closed the weekend trading session positively at $2,985. So what reasons and factors drove gold prices?
Regarding the influencing factors:
This price increase was supported by safe-haven demand after the US imposed high tariffs on imported goods from many countries worldwide. This has made markets increasingly concerned about a global trade war that could trigger a worldwide economic recession.
On the other hand, after US inflation reports showed continued cooling, the Federal Reserve (FED) may further reduce interest rates in the future to bring target inflation back to 2%. When this happens, the USD will depreciate, benefiting the gold market.
New outlook for XAUUSD:
The image above shows the XAUUSD 1H chart applying Elliott Wave Theory, specifically Impulse Waves. According to this model, gold price is currently in the formation stage of wave 5, which is typically the final strong upward movement in the impulse wave cycle before entering a correction. Both short-term and medium-term perspectives indicate that the main trend remains bullish or buying pressure is gradually strengthening. However, price reaction around the $2,980 zone needs monitoring. If price holds this zone, the next target will be $3,025. Conversely, if it breaks below $2,956, the market may enter a larger correction phase.
Important short-term price levels to consider:
Support levels: 2,980, 2,956, 2,934
Resistance levels: 3,000, 3,004...
XAUUSD ? Yesterday, gold experienced a significant increase, with prices temporarily surpassing $3,000. It then slightly declined and closed the weekend trading session positively at $2,985. So what reasons and factors drove gold prices?
Regarding the influencing factors:
This price increase was supported by safe-haven demand after the US imposed high tariffs on imported goods from many countries worldwide. This has made markets increasingly concerned about a global trade war that could trigger a worldwide economic recession.
On the other hand, after US inflation reports showed continued cooling, the Federal Reserve (FED) may further reduce interest rates in the future to bring target inflation back to 2%. When this happens, the USD will depreciate, benefiting the gold market.
New outlook for XAUUSD:
The image above shows the XAUUSD 1H chart applying Elliott Wave Theory, specifically Impulse Waves. According to this model, gold price is currently in the formation stage of wave 5, which is typically the final strong upward movement in the impulse wave cycle before entering a correction. Both short-term and medium-term perspectives indicate that the main trend remains bullish or buying pressure is gradually strengthening. However, price reaction around the $2,980 zone needs monitoring. If price holds this zone, the next target will be $3,025. Conversely, if it breaks below $2,956, the market may enter a larger correction phase.
Important short-term price levels to consider:
Support levels: 2,980, 2,956, 2,934
Resistance levels: 3,000, 3,004...
Trade active
Note
Good luck everyoneTrade closed: target reached
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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.