Recovery from Fib0.236%, support and pressure factors for GOLD
Updated
Risk appetite improved as bets increased that the Federal Reserve could begin easing policy sooner than expected. This comes after Friday's nonfarm payrolls report showed the economy continued to create jobs, albeit at a slower pace.
Basic support for
XAUUSD
Market participants continue to digest the latest data from the United States as the April nonfarm payrolls report was weaker than expected. If the next inflation report is weaker than expected, market expectations that the Federal Reserve may cut interest rates later in the year will be confirmed (certainly).
Fundamental pressure onXAUUSD
The latest news comes from ceasefire negotiations in the Middle East. On May 6, Hamas issued a statement agreeing with the ceasefire proposal in the Gaza Strip proposed by mediators. This information has cooled the market's risk aversion, putting gold prices under pressure to adjust.
Hamas said in a statement that Hamas Politburo leader Haniyeh informed Qatari Prime Minister Mohammed and Egyptian General Intelligence Director Abbas Kamal about the decision by phone that day.
An Israeli official said Israel received Hamas's response to Egypt's ceasefire and agreement to release detainees.
Israel Defense Forces spokesman Hagari issued a statement on May 6 saying that Hamas had accepted the ceasefire proposal mediated by Egypt. The Israeli side is carefully considering every content of the proposal and making every effort to promote related negotiations and "all possibilities" to release the detainees. At the same time, the Israeli army will continue military operations in the Gaza Strip.
According to Cairo News TV on May 6, citing sources from the Egyptian intelligence agency, the Egyptian delegation responsible for mediating the ceasefire in the Gaza Strip that day received a "positive response" from Hamas and Israel.
Analysis of technical prospects forXAUUSD
On the daily chart, gold continues to recover from the 0.236% Fibonacci retracement level but the upside recovery is also limited and is under pressure to react to the downside from the 21-day moving average EMA21.
On the other hand, the short-term trend of gold price is still an uptrend from the price channel, as long as gold is still operating below the EMA21 and within the price channel, it still tends to be down in the short term.
Currently, gold is technically at $2,322 and if it breaks below this level gold could continue to decline to test the 0.236% Fibonacci level once more. In case the gold price continues to sell off below the 0.236% Fibonacci level, it will open a new bearish cycle with the maximum target level at the 0.382% Fibonacci level.
During the day, the technical downtrend of gold prices is noticed by the following price levels.
Support: 2,322 – 2,284USD
Resistance: 2,340 – 2,345USD
🪙SELL XAUUSD | 2364 - 2362
⚰️SL: 2368
⬆️TP1: 2357
⬆️TP2: 2352
🪙BUY XAUUSD | 2303 - 2305
⚰️SL: 2299
⬆️TP1: 2310
⬆️TP2: 2315
Basic support for
XAUUSD Market participants continue to digest the latest data from the United States as the April nonfarm payrolls report was weaker than expected. If the next inflation report is weaker than expected, market expectations that the Federal Reserve may cut interest rates later in the year will be confirmed (certainly).
Fundamental pressure on
XAUUSD The latest news comes from ceasefire negotiations in the Middle East. On May 6, Hamas issued a statement agreeing with the ceasefire proposal in the Gaza Strip proposed by mediators. This information has cooled the market's risk aversion, putting gold prices under pressure to adjust.
Hamas said in a statement that Hamas Politburo leader Haniyeh informed Qatari Prime Minister Mohammed and Egyptian General Intelligence Director Abbas Kamal about the decision by phone that day.
An Israeli official said Israel received Hamas's response to Egypt's ceasefire and agreement to release detainees.
Israel Defense Forces spokesman Hagari issued a statement on May 6 saying that Hamas had accepted the ceasefire proposal mediated by Egypt. The Israeli side is carefully considering every content of the proposal and making every effort to promote related negotiations and "all possibilities" to release the detainees. At the same time, the Israeli army will continue military operations in the Gaza Strip.
According to Cairo News TV on May 6, citing sources from the Egyptian intelligence agency, the Egyptian delegation responsible for mediating the ceasefire in the Gaza Strip that day received a "positive response" from Hamas and Israel.
Analysis of technical prospects for
XAUUSD On the daily chart, gold continues to recover from the 0.236% Fibonacci retracement level but the upside recovery is also limited and is under pressure to react to the downside from the 21-day moving average EMA21.
On the other hand, the short-term trend of gold price is still an uptrend from the price channel, as long as gold is still operating below the EMA21 and within the price channel, it still tends to be down in the short term.
Currently, gold is technically at $2,322 and if it breaks below this level gold could continue to decline to test the 0.236% Fibonacci level once more. In case the gold price continues to sell off below the 0.236% Fibonacci level, it will open a new bearish cycle with the maximum target level at the 0.382% Fibonacci level.
During the day, the technical downtrend of gold prices is noticed by the following price levels.
Support: 2,322 – 2,284USD
Resistance: 2,340 – 2,345USD
🪙SELL XAUUSD | 2364 - 2362
⚰️SL: 2368
⬆️TP1: 2357
⬆️TP2: 2352
🪙BUY XAUUSD | 2303 - 2305
⚰️SL: 2299
⬆️TP1: 2310
⬆️TP2: 2315
Note
Global gold prices fell slightly during these moments of trading, today, Tuesday, as this coincides with an increase in bets that the US Central Bank will reduce interest rates later this year and an increase in demand for bullion as a safe haven in light of the ambiguity of the ceasefire in Gaza.Trade active
Plan BUY Close 1/2 + 50pips. Move SL to Entry🔥Note
Note
Gold investors are waiting for new directional information. US weekly initial jobless claims numbers will be released on Thursday. In addition, San Francisco Fed President Mary Daly will also give a speech on the day. Dovish comments from Fed officials could limit gold price declines for the time being.Note
Gold increased sharply to $2,338/ozNote
Gold rebounded to $2,352 during the Asian sessionAfter a gloomy start to the week, moving sideways near $2,300, gold suddenly rebounded to $2,352 at the present time.
Today's data focus is US consumer sentiment data
Note
🔹Gold prices jumped on Friday, May 10, and are on track to record weekly gains supported by momentum thanks to weak US jobs data this week.Gold rose in spot transactions by 0.71% to $2,362.49 per ounce. US gold futures contracts for June delivery also rose by 1.26% to $2,369.60.
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🧩Forex signals have a high win rate
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