XAUUSD is strengthening due to a slight correction in the 
DXY . The price is testing the local trend resistance area before the publication of Initial Jobless Claims at 13:30 GMT.The market is in a range as analysts and investors await the Initial Jobless Claims information to roughly understand the situation for tomorrow (Friday) as we approach the NFPs to be released on December 8 at 13:30 GMT.
With the correlation between DXY and XAU, the situation is unstable right now. Going forward, the inverse correlation may change even more as there are targets at lower levels for gold.
From a technical point of view, since we have a local bearish channel built on the background of strong sell-offs, I expect a false break of resistance and further decline to the previously mentioned targets.
Support levels: 2022, 2010, 2007
Resistance levels: 2032, 2035, 2040
Situation may change due to fundamental factor, Unexpected news may change the situation dramatically, but temporarily.
Regards R. Linda!
Note
Initial Jobless Claims come out with bullish data for the dollar. Waiting for gold to react
Trade active
Gold is forming a false breakdown of the resistance 2037-2038. After that a bearish impulse is formed
This is facilitated by negative news for gold. (I wrote about it earlier)
The price may return to the channel in the near future. In this case the next target will be 2007
Trade active
It's all scripted.
We've been waiting for the news
We were waiting for a false breakdown.
The false breakout gives a result of +95 Pips!
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.