🔸 Market Outlook: Gold (XAUUSD) is exhibiting a sideways-to-bullish bias ahead of the NFP report, with price action fluctuating between $2900 - $2890 before potential upside movement. 📈
🔸 Key Technical Levels:
✅ Support: $2890 | $2882
✅ Resistance: $2929 | $2936
🔸 Technical Analysis:
🔹 Trend: Mild bullish momentum above $2890.
🔹 Indicators:
EMA 50 & 200: Price holding above key EMAs signals bullish continuation.
RSI: Trending near 55, indicating moderate bullish strength.
ATR: Volatility remains elevated ahead of NFP, caution advised.
Order Blocks & FVG: Liquidity zones around $2900 and $2882 could act as strong demand areas.
🔸 Fundamental Analysis:
📢 Key Driver: The Non-Farm Payrolls (NFP) report scheduled today could significantly impact market sentiment and volatility.
📉 If NFP is stronger than expected → USD strengthens, Gold may decline.
📈 If NFP disappoints → USD weakens, Gold could rally toward $2929 - $2936.
🔸 Trading Strategy:
📌 Bullish Bias Above $2890
🎯 Buy Entry: On bullish confirmation above $2900.
🎯 Target 1: $2929
🎯 Target 2: $2936
📉 Sell Scenarios: Breakdown below $2890 could trigger a move toward $2882 - $2875.
⚠ Risk Management:
✅ SL below $2882 for long trades.
✅ Adjust position sizing due to NFP-induced volatility.
📢 Stay cautious & trade with discipline! 🚀💰
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.