XAUUSD IDEA
XAUUSD is in consolidation with gradually narrowing local extrema. Non Farm Payrolls are ahead.
Before NFP, traders resorted to adjusting positions, taking profits on the US dollar rally. The encouraging data weakened bets on an aggressive interest rate cut by the Fed. However, the decline in gold prices remains subdued due to heightened geopolitical tensions in the Middle East.
The future direction of the gold price will be determined by the upcoming US employment data. XAUUSD could move into a correction if NFP shows an upside surprise, which would impact the USD rally and strengthen bets for a 0.25% Fed rate cut in November. Conversely...
Resistance levels: 2665, 2673, 2685
Support levels: 2653, 2640, 2623
Fundamentally, unpredictable news may affect further growth. Analysts are inclined to the beginning of correction on the background of strong economic data of the first half of the week.
Before NFP, traders resorted to adjusting positions, taking profits on the US dollar rally. The encouraging data weakened bets on an aggressive interest rate cut by the Fed. However, the decline in gold prices remains subdued due to heightened geopolitical tensions in the Middle East.
The future direction of the gold price will be determined by the upcoming US employment data. XAUUSD could move into a correction if NFP shows an upside surprise, which would impact the USD rally and strengthen bets for a 0.25% Fed rate cut in November. Conversely...
Resistance levels: 2665, 2673, 2685
Support levels: 2653, 2640, 2623
Fundamentally, unpredictable news may affect further growth. Analysts are inclined to the beginning of correction on the background of strong economic data of the first half of the week.
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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.