Technical Analysis
Liquidity Zones:
Major Resistance: $3,150+ (where price recently formed a weak high).
Support Zones:
$3,135.69 (Near-term support).
$3,059.69 (Stronger support zone).
Current Trend Analysis:
Price reached a weak high and is now retracing downwards.
Expecting a retest of $3,135 - $3,120 before a possible move further down.
The dashed purple line ($3,139.50) seems to be a critical level for intraday traders.
Potential Trade Setups:
Bearish Scenario:
If price breaks below $3,135, expect further downside towards $3,120.
A break below $3,120 could push gold towards $3,060.
Bullish Scenario:
If price holds at $3,135 and reverses with bullish confirmation, it could retest $3,150+ again.
Fundamental Analysis (Gold - XAU/USD)
Dollar Strength (DXY) & Interest Rates:
The US Dollar Index (DXY) influences gold prices.
If the USD strengthens, gold prices may decline.
Recent Fed statements on rate hikes could put pressure on gold.
Inflation & Safe-Haven Demand:
If inflation remains high, gold could see buying pressure as an inflation hedge.
Recent geopolitical risks and banking concerns could increase gold's safe-haven demand.
Upcoming Events to Watch:
US Non-Farm Payrolls (NFP) Report – Can impact USD and gold.
Federal Reserve Speeches – Hawkish or dovish tones will guide gold’s movement.
Liquidity Zones:
Major Resistance: $3,150+ (where price recently formed a weak high).
Support Zones:
$3,135.69 (Near-term support).
$3,059.69 (Stronger support zone).
Current Trend Analysis:
Price reached a weak high and is now retracing downwards.
Expecting a retest of $3,135 - $3,120 before a possible move further down.
The dashed purple line ($3,139.50) seems to be a critical level for intraday traders.
Potential Trade Setups:
Bearish Scenario:
If price breaks below $3,135, expect further downside towards $3,120.
A break below $3,120 could push gold towards $3,060.
Bullish Scenario:
If price holds at $3,135 and reverses with bullish confirmation, it could retest $3,150+ again.
Fundamental Analysis (Gold - XAU/USD)
Dollar Strength (DXY) & Interest Rates:
The US Dollar Index (DXY) influences gold prices.
If the USD strengthens, gold prices may decline.
Recent Fed statements on rate hikes could put pressure on gold.
Inflation & Safe-Haven Demand:
If inflation remains high, gold could see buying pressure as an inflation hedge.
Recent geopolitical risks and banking concerns could increase gold's safe-haven demand.
Upcoming Events to Watch:
US Non-Farm Payrolls (NFP) Report – Can impact USD and gold.
Federal Reserve Speeches – Hawkish or dovish tones will guide gold’s movement.
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.