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GOLD → The bulls are back, the market is recovering. Is it 2400?FX:XAUUSD is testing 2378. For two weeks traders fought for the 2300 area and the bulls won. Favorable fundamental background and technical prerequisites played into our hands. Earlier we discussed with you the formation of the correction and the formation of the bullish pattern "descending wedge". The breakout of the resistance of the wedge confirmed the end of the correction, after fixing the price above 2300 the market allowed us to get an impulse of almost 700 pips and test the area of 2378. At the moment the market is still bullish. The favorable fundamental and technical background, together with the fall of the dollar index continues to motivate buyers. After updating the local high of 2378, a stop and correction is formed. The price may reach 2350-2340 before continuing its way up. Resistance levels: 2378, 2400, 2417, 2431 Support levels: 2350, 2340, 2327, 2316 2350 plays an important role as it divides the chart into bullish and bearish area. A false breakout is possible, but in general we should watch the price reaction to the liquidity area. Also, the zone of 0.382 and 0.5 Fibo is important. The market is bullish and it is worth prioritizing long positions Regards R. Linda!
FX:XAUUSDLong
by RLinda
12
Recovery from Fib0.236%, support and pressure factors for GOLDRisk 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 OANDA: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 OANDA: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 OANDA: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
OANDA:XAUUSD
by Xayah_trading
1
GOLD still has the ability to recoverAfter the release of US non-farm payrolls (NFP) data lower than market expectations, gold quickly increased in price, reaching 2,320 USD/ounce. However, this high level did not last long due to profit-taking pressure and gold quickly fell to close weekly at 2,301 USD/ounce. Although the easing cycle may be delayed, Federal Reserve Chairman Jerome Powell has made clear that interest rates will not go higher. “I think it's unlikely that the next policy change will be to raise interest rates,” Powell said at a news conference. I would say that is unlikely to happen.” Adding to gold's volatility was Friday's jobs data, which showed the US economy created 175,000 jobs in April, significantly less than expected. At the same time, the unemployment rate rose to 3.9% and wage growth fell short of expectations. While the jobs report supported interest rate cuts by the Federal Reserve, pushing up gold prices, uncertainty about timing continued to dominate market sentiment and investors were likely to Take advantage of the recovery to take profits. In the coming time, gold traders still need to pay attention to macro data and Fed speeches to have more data to guide their assessment of when the Fed will cut interest rates. Expectations that the Federal Reserve will maintain high interest rates for longer and upbeat market sentiment have become key factors weakening safe-haven demand for gold. However, at the latest FOMC meeting the prospect of a less hawkish Fed led to widespread dollar weakness and helped limit gold's decline, so caution is warranted. A basic direction for gold prices leans towards the possibility of a price decrease. Data to watch out for is data from the US Commodity Futures Trading Commission (CFTC) showing that speculative net long positions in COMEX gold futures fell by 9,018 contracts to 167,139 contracts for the week ends April 30. Next week, the market will also witness the sudden appearance of a number of central bank governors. Minneapolis Fed President Neel Kashkari will speak in New York; Richmond Fed President Thomas Barkin will speak at an event in South Carolina; New York Fed President John William James will speak at a conference in California; and Chicago Fed President Austen Goolsby will speak at the Minnesota Economic Club. Meanwhile, investors will focus on data on consumer confidence and inflation expectations later this week. Economic data to watch next week Wednesday: 10-year bond auction Thursday: Bank of England monetary policy decision, weekly jobless claims, 30-year bond auction Friday: Preliminary data on consumer sentiment from the University of Michigan Analysis of technical prospects for OANDA:XAUUSD Last week, gold performed quite stably with a short-term bearish structure from the trend price channel. Stay within range with nearest support from 0.236% Fibonacci retracement and resistance at $2,322 in the short term and beyond at EMA21 and $2,345. Although the expected recovery at 2,365 USD continued to fail last week, maintaining above the original price level of 2,300 USD and the 0.236% Fibonacci retracement level should be considered positive conditions for recovery expectations. continues to appear next week. As long as the bearish does not break below the 0.236% Fibonacci retracement level, it still has room to recover with a target level of around $2,365. However, in case the 0.236% Fibonacci level is broken below, it could cause the gold price to drop even more with a possible price drop to 2.223 or more to the 0.382% Fibonacci level. Therefore, if the 0.236% Fibonacci level is broken below, it is not advisable to open long positions, it is also time to protect open long positions around 2,284USD. The point of complete breakout of the 0.236% Fibonacci level should be determined by price activity below the lower edge of the price channel. Next week, the prospect of a bullish recovery inside the price channel will be noticed again with the following technical levels. Support: 2,284USD Resistance: 2,322 – 2,345 – 2,365USD
OANDA:XAUUSD
by Xayah_trading
XAUUSD. Weekly trading levels 6 - 10.05.2024Gold in a narrow range. We are waiting for a shot from the current zones to the next ones. A good wide trade could work out. During the week you can trade from these price levels. Finding the entry point into a trade is up to you, depending on your trading style and the development of the situation. If you expect any medium-term price movements, then most likely they will start from one of the zones. Levels are valid for a week, the date is in the title. The next morning I adjust the levels based on the new data and publish a new post. The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :) ---------------------------------------------- Levels are drawn based on volumes and data from CME. Used as areas of interest for trade. When approaching a level, a “reaction” is expected, which can be traded for both a rebound and a breakout. The worst option is if we revolve around the level in a flat. Do not reverse the market at every level; if there is a trend movement, consider it as an opportunity to enter into a continuation of the movement. Until the price has drawn a reversal pattern. Don’t forget to like Rocket and Subscribe!!!
FOREXCOM:XAUUSD
by Forex_Hoby
XAUUSD. Levels for intraday trading 10.05.2024During the day you can trade from these price levels. Finding the entry point into a trade is up to you, depending on your trading style and the development of the situation. If you expect any medium-term price movements, then most likely they will start from one of the zones.Relevant to use as a location for installing TP. Levels are valid throughout the day, the date is in the title. The next morning I adjust the levels based on current data and publish a new post. The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :) --------------------------------------- Levels are drawn before the European session, based on volumes and data from the CME. They are used as zones of interest for intraday trading. When approaching a level, a “reaction” is expected, which can be traded for both a rebound and a breakout. The worst option is if we revolve around the level in a flat. Do not reverse the market at every level. If there is a trend movement, consider it as an opportunity to continue the movement. Until the price has drawn a reversal pattern. TV does not allow publishing timeframes smaller than M15.Reactions to levels and the search for entry points are more convenient to look at M5-M1. Don’t forget to like Rocket and Subscribe!!!
OANDA:XAUUSD
by Forex_Hoby
GOLD → The correction is ending. Rally to 2400FX:XAUUSD is moving from the consolidation phase, to the phase of realization of accumulated potential and rallying to 2400. The price enters one of the key ranges. The fourth wave of correction is coming to an end and a rally within the V wave is being formed. The potential target could be 2400-2550. The price is returning to the range of 2398-2362. If the bulls keep the price above the 2362-2352 area, it will confirm their intentions and open the way to 2400-2450. Fundamentally, gold has a good potential on the back of the falling dollar index Resistance levels: 2382, 2398, 2417 Support levels: 2362, 2352 Within the framework of the bullish wave after the rally may be followed by a small correction or consolidation, but the bullish movement and the trend as a whole may get its continuation. Regards R. Linda!
FX:XAUUSDLong
by RLinda
15
GOLD → Consolidation continues. Support retest before growth FX:XAUUSD continues to consolidate, the market is uncertain, there are reasons for both long and short positions, but everything will be determined only by the exit of the price from the specified range. The current situation is as follows: the price earlier broke the resistance of the wedge, which in general can be perceived as a hint of the end of the correction. But, a rebound from the strong resistance of 2328 is being formed. The price continues to trade within the consolidation and at the moment the whole emphasis is on the support retest. Whether it will be a breakout or a false breakout will only show the market reaction, but against the background of the general trend and potential there is a high probability to see a rebound and growth to 2328. Resistance levels: 2328 Support levels: 2300 The situation is stalemate and it is impossible to determine the movement in advance, it is worth watching the market reaction to certain key zones. Since the price is still inside the range, it is worth considering trading inside it Regards R. Linda!
FX:XAUUSDLong
by RLinda
13
Fed keeps interest rates, GOLD increases but limitedAfter the Federal Reserve kept interest rates unchanged for the sixth time and announced it would slow down the pace of balance sheet shrinkage, gold prices rose sharply above the $2,300/ounce mark and remained above this key price level. , and also achieved the target adjusted increase in publishing the previous issue sent to you. Market news and reviews The Federal Reserve is determined to achieve its 2% inflation target and kept interest rates unchanged for the sixth time in Wednesday's trading session. Fed Chairman Jerome Powell said in a news conference that cutting interest rates until they are confident that inflation is moving toward the 2% target is inappropriate, adding that this year's inflation data “does not give us greater confidence.” They will decide monetary policy “meeting by meeting,” adding that slowing the pace of balance sheet contraction “will ensure a smooth transition in currency markets.” Powell added that the Fed believes monetary policy will be restrictive enough to contain inflation and ignored the possibility of raising interest rates when he made the call. The Federal Reserve has chosen to maintain the federal funds rate at 5.25%-5.50%. In their statement, they noted that the risks associated with achieving the Fed's dual mandate of focusing on employment and inflation have become more balanced over the past year. While acknowledging progress on inflation, they also acknowledged that recent data suggests progress has stalled. The prospect of interest rates remaining fundamentally high is bad news for gold because it increases the opportunity cost of investing in gold. However, the following news is considered the FOMC's mark when Powell said that the next step is unlikely to be raising interest rates, which also makes this press conference much less hawkish than market expectations, at least Most interest rate increases are not considered. This statement caused the Dollar to plummet and stimulated gold prices to skyrocket. Additionally, Federal Reserve policymakers announced major changes to their balance sheet policy. Starting in June, they reduced their monthly holdings of U.S. Treasuries from $60 billion to $25 billion, marking a change in their approach to balance sheet normalization. Macro data ADP Jobs Change reported an increase of 192,000 jobs in April, beating estimates of 175,000 but still falling short of March's upwardly revised figure of 208,000. Additionally, JOLTS job openings fell to 8.488 million in March, the lowest level of job openings in the report, down from 8.813 million. US economic data continues to be mixed. Last week, gross domestic product (GDP) did not meet expectations. However, inflation data tied to the first quarter of 2024 is sounding the alarm that price trends are on the rise, which could prevent the Fed from easing policy sooner than expected. On May 3, the U.S. Bureau of Labor Statistics (BLS) is expected to release nonfarm payrolls data for April, which is expected to be 243,000, down from 303,000 in March. Unemployment Rate is expected to remain at 3.8%, while average hourly earnings are likely to remain unchanged at 0.3% month-over-month. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after gold received support from the 0.236% Fibonacci retracement level highlighted by readers in the previous issue, it rose to reach its target recovery level of around $2,322, along with With that, it is also limited by the technical level of 2,322 USD and maintaining price activity below EMA21. The current price position still does not bring many positive technical prospects as gold is still in a short-term falling price channel and under main pressure from EMA21, more consistent with a short-term bearish outlook. Overall, recovery expectations are complete and over, then in terms of the technical picture, gold has more chances to fall than to rise. As long as gold remains below the EMA21, it will remain under pressure in the short term, with price activity returning below the $2,322 level opening the way for gold prices to fall back to the 0.236% Fibonacci level. For gold prices to increase more, it is important for it to break above EMA21, then the target level is around 2,365 USD in the short term. During the day, gold's technical outlook leans bearish with notable technical levels listed below. Support: 2,322 – 2,300 – 2,284USD Resistance: 2,340 – 2,345USD 🪙SELL XAUUSD | 2343 - 2341 ⚰️SL: 2347 ⬆️TP1: 2336 ⬆️TP2: 2331 🪙BUY XAUUSD | 2259 - 2261 ⚰️SL: 2255 ⬆️TP1: 2266 ⬆️TP2: 2271
OANDA:XAUUSD
by Xayah_trading
Looking ahead to NFP, GOLD's technical structure remains stableOANDA:XAUUSD is still trying to operate above its $2,300 base price after Thursday's wild swings, with the market focusing particularly on non-farm payrolls data to be released on this trading day. ADP jobs data exceeded expectations in April and March data was revised upward, suggesting the US labor market remains strong and stable. The US ADP jobs report released on Wednesday showed that US ADP employment increased by 192,000 in April, above expectations of 180,000. The value before March was revised up from 184,000 to 208,000. The U.S. Department of Labor reported Thursday that 208,000 people filed for unemployment benefits in the week ended April 27, compared with expectations of 212,000 and a previous figure of 207,000. The gold market's focus has shifted to Friday's nonfarm payrolls data, which will provide the latest data for the market to further assess the state of the US labor market and the outlook for employment. monetary policy of the Federal Reserve. Surveys show the U.S. nonfarm working population is expected to increase by 243,000 in April after seasonal adjustments, compared with a gain of 303,000 in March. The US unemployment rate is expected to remain unchanged at 3.8% in April. Investors will also be watching data on wages and workforce participation. The survey found that average hourly wages in the United States in April are expected to increase 0.3% monthly and 4.0% annually. The US labor force participation rate in April is expected to be unchanged at 62.7%. If Nonfarm Payrolls data is weaker than expected, or just as weak, this should be seen as a positive for gold prices as it will resonate with the Fed's less hawkish stance during the meeting. The recent FOMC made the US Dollar less attractive and boosted precious metals. On the gold price technical chart, after gold reached the technical level of 2,322 USD, it was under pressure to fall again but the temporary decline is also limited by the 0.236% Fibonacci retracement point. In terms of technical structure, not much has changed compared to yesterday's issue, so readers can check back here. Notable prices are also listed as follows. Support: 2,284USD Resistance: 2,322 – 2,340 – 2,345USD 🪙SELL XAUUSD | 2321 - 2319 ⚰️SL: 2325 ⬆️TP1: 2314 ⬆️TP2: 2309 🪙BUY XAUUSD | 2259 - 2261 ⚰️SL: 2255 ⬆️TP1: 2266 ⬆️TP2: 2271
OANDA:XAUUSD
by Xayah_trading
1
XAUUSD: Still bearish short term.Gold is neutral on its 1D technical outlook (RSI = 52.129, MACD = 17.800, ADX = 29.397) as since the April 30th Low it has been trading sideways in anticipation of the 1D MA50 test. The 1D RSI has been trading under its MA line for almost 1 month, which keeps the momentum bearish on the medium term, so we have to stay on this side of the trend. Our target is that potential contact with the 1D MA50 (TP = 2,270), which is marginally over the 0.382, a standard technical target for corrections. If the Channel Down breaks downwards, we will be expecting Gold to bottom near the 0.618 Fibonacci level or on the 1D MA100 if it hits that first. That will be a low risk level to start buying again for the long term. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSDShort
by InvestingScope
GOLD → Consolidation continues. What's next, 2400 or 2200?FX:XAUUSD is testing the resistance of the range, the market maker is capturing liquidity around 2328 and is not ready to let the price go yet. Trading inside 2328 - 2300 continues. On Sunday we discussed the bullish trend, correction and the fifth wave that may get its start after the end of the correction. Yesterday price tried to form a confirmation of the end of the correction, but 2328 was not broken and trading in the correction phase continues. A retest of the range support is possible before a further rise to resistance. There are two risk areas that will affect the medium term: Breakout of 2328 and consolidation above the level will confirm the readiness to go up to 2382. A break of 2300 and consolidation below the level will confirm the readiness to go down to 2267 Resistance levels: 2328, 2344, 2352 Support levels: 2305, 2300, 2295 Trading within the consolidation range continues while the dollar is also standing still. At the moment it is worth considering trading inside the range, and when breaking through one or another boundary to take the principles of trading in the breakdown. Regards R. Linda!
FX:XAUUSDLong
by RLinda
15
XAUUSD. Levels for intraday trading 7.05.2024During the day you can trade from these price levels. Finding the entry point into a trade is up to you, depending on your trading style and the development of the situation. If you expect any medium-term price movements, then most likely they will start from one of the zones.Relevant to use as a location for installing TP. Levels are valid throughout the day, the date is in the title. The next morning I adjust the levels based on current data and publish a new post. The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :) --------------------------------------- Levels are drawn before the European session, based on volumes and data from the CME. They are used as zones of interest for intraday trading. When approaching a level, a “reaction” is expected, which can be traded for both a rebound and a breakout. The worst option is if we revolve around the level in a flat. Do not reverse the market at every level. If there is a trend movement, consider it as an opportunity to continue the movement. Until the price has drawn a reversal pattern. TV does not allow publishing timeframes smaller than M15.Reactions to levels and the search for entry points are more convenient to look at M5-M1. Don’t forget to like Rocket and Subscribe!!!
OANDA:XAUUSD
by Forex_Hoby
Fib level 2.618%, GOLD is under pressure before the FOMC meetingOANDA:XAUUSD spot faced strong selling pressure and fell to a one-week low ahead of the Federal Reserve meeting. The Conference Board's consumer confidence index fell for the third straight month in April, falling to 97.0 from a downwardly revised 103.1 in March. Pessimism prevails ahead of the Federal Reserve's monetary policy announcement scheduled for Wednesday. The central bank is expected to leave interest rates unchanged amid lingering signs of inflationary pressures. The central bank is expected to keep interest rates higher for longer and send a hawkish message. Gold investors' attention turns to FOMC and Nonfarm Payrolls The Federal Reserve will announce its monetary policy decision on Wednesday. Markets expect the Federal Reserve to keep policy rates unchanged at 5.25%-5.5%. According to the CME FedWatch tool, there is about a 91.6% chance that the Fed will choose to leave policy unchanged again in June. On Friday, the US Bureau of Labor Statistics will release the April jobs report. A sharp decline in nonfarm payrolls (NFP) growth could cause an immediate dollar sell-off . Even if the data doesn't have a very profound impact on expectations for a rate cut in June, it could still weigh on the dollar if investors favor a policy change in September. The CME FedWatch tool shows that markets are pricing in a 53.3% chance that the Fed's policy rate will be unchanged in September. On the other hand, nonfarm payrolls data is stronger than expected, especially if it goes coupled with higher wage inflation data, could increase expectations that the Fed will take no action in September and cause gold prices to fall sharply this weekend. Analysis of technical prospects for OANDA:XAUUSD Gold fell sharply in yesterday's trading session after breaking the $2,322 level and now this technical level becomes the closest current resistance. Along with that, gold is also stopping its decline when approaching the 2.618% Fibonacci extension level, and this is also the current closest support level. If gold continues to sell off breaking below the 2.618% Fibonacci extension it will likely experience further selling pressure with no chance of a recovery towards the upper channel edge and beyond the 3.618 Fibonacci level. %. Therefore, for protection levels open long positions should be installed behind the 2.618% Fibonacci extension level. On the other hand, the fact that gold still holds above the Fibonacci retracement level still "raises hope" for those who opened long positions to see a recovery to retest the level of 2,322 USD. However, currently, in the short term, gold does not have enough conditions to increase in price as price activity is in a short-term downtrend from the price channel and price activity is below EMA21. During the day, the technical outlook of gold price is noticed by the following technical levels. Support: 2,284USD Resistance: 2,300 – 2,322USD 🪙SELL XAUUSD | 2326 - 2324 ⚰️SL: 2330 ⬆️TP1: 2319 ⬆️TP2: 2314 🪙BUY XAUUSD | 2259 - 2261 ⚰️SL: 2255 ⬆️TP1: 2266 ⬆️TP2: 2271
OANDA:XAUUSD
by Xayah_trading
1
GOLD → End of correction? Up to 2380?FX:XAUUSD is strengthening after Friday's shakeout due to NFP, amid the dollar's decline. Possible retest of the liquidity area, with the aim of changing the trend. On H4 the price breaks the resistance of the wedge, formed within the corrective wave. The bulls are trying to hold above 2300, since the opening of the session the price strengthens to 2320 and makes an attempt to break the figure, which in general may mean the end of the correction. The price consolidation above 2328 will be a confirmation of the bulls' intention. In the near future the market may move to the phase of realization of the accumulated potential. Resistance levels: 2328, 2352 Support levels: 2295, 2277 Technically and fundamentally there are many preconditions for possible growth. The main task is to wait for a retest of the resistance at 2328 and further market reaction. A false breakdown and a small correction before further growth may follow Regards R. Linda!
FX:XAUUSDLong
by RLinda
7
XAUUSD This correction is far from over. What the US10Y shows.Gold (XAUUSD) completed on Friday the 2nd straight red 1W (weekly) candle for the first time since mid February. That was when the enormous 9 week rally started that only had to show 1 red week. Even though the long-term pattern is a Bullish Megaphone, the bad news for Gold is that this correction may be far from over and the US10Y (orange trend-line) makes a good case out of it. The last time Gold was trading within a Megaphone and started to decline while the US10Y was rising (negatively correlated) was after the May 01 2023 High. As you can see, that was when the yellow metal started a slow and steady decline first to the 0.382 Fibonacci retracement level (where it had its first rebound) and then just above the 0.618 Fib (where it bottomed and started the new Megaphone). Notice how despite the aggressive rise on the US10Y at the time, Gold had a steady decline. Due to having entered a new long-term Bull Cycle, we don't expect it reaching prices this low but technically a pull-back to the 0.382 Fib would be a very healthy correction of the early 2024 rally. As a result our medium-term Target is 2200. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSDShort
by TradingShot
GOLD → Correction may continue ↓ before further growth ↑FX:XAUUSD continues to form the phase of correction. The price stops in the zone of 0.236 fibo, but the candlestick setup on D1 is forming multidigit. The struggle between buyers and sellers for 2285 continues. Last week was fundamentally rich, but the market reaction is weak, sellers are actively selling out any buying activity. A pre-breakdown setup is forming around 2285, and if it is not broken, the correction will extend to 2222 (2195). The signal to the continuation of the fall will be the fixing of the price below 2285. But, with active participation of buyers, which may be caused by fundamental and geopolitical reasons, the market may break the structure: Break of resistance and price consolidation above 2320-2325. This will mean the end of correction with further continuation of growth and formation of the fifth wave, the target of which could be the area of 2450-2550. Resistance levels: 2320 - 2325, 2350. Support levels: 2305, 2295, 2285 The global trend is bullish, the local trend is bearish (correction). Take this into account when trading! It is necessary to wait for price confirmation, which will mean either the continuation of the correction or its end. Only then you can take some measures to open orders in one or the other direction TVC:DXY MCX:GOLD1! COMEX:GC1! CAPITALCOM:GOLD Regards R. Linda!
FX:XAUUSDLong
by RLinda
9
Eyes on Fed, GOLD in narrow range with bearish conditionsMarket attention turns to the Federal Reserve's monetary policy decision on May 1 and upcoming nonfarm payrolls data. Data released last week showed US gross domestic product fell short of target, while the core personal consumption expenditures (PCE) price index, the Fed's preferred inflation measure, stagnated at growth of 2.8% year-on-year for the second consecutive month. Key data due for release this week include European inflation and US labor market indicators, while the Federal Reserve is scheduled to hold a two-day meeting on Tuesday and Friday. is expected to keep the basic interest rate unchanged but with a hawkish tone. The last time Federal Reserve Chairman Jerome Powell spoke, he said policymakers would likely keep borrowing costs high for longer than previously expected, citing a lack of progress in inflation falls and the labor market continues to be strong. Despite the Fed's postponement of interest rate cuts, gold prices are still up more than 13% this year and reached a record high earlier this month. The rise in precious metals prices over the past two months has been linked to central bank buying, strong demand in Asian markets, especially China, and rising geopolitical tensions from Ukraine to the Middle East. Analysis of technical prospects for OANDA:XAUUSD The current gold price range is still quite narrow and has not changed much compared to what was published in the weekly issue published on Sunday. Technical conditions remain bullish in the short term with the closest support coming from the EMA21 level and the $2,322 technical point followed by the 0.236% Fibonacci retracement level. A more negative case for gold prices can only be clearly seen when it sells off below the 0.236% Fibonacci retracement level, at which point the target level could reach the upper edge of the price channel and beyond the 0.382 Fibonacci level. % in short term. So, for open buy positions should be protected behind the 0.236% Fibonacci level. On the other hand, gold holding above the EMA21 level will be a necessary condition to continue aiming for the short-term targets of 2,345 USD and more to the level of 2,365 USD. During the day, the technical outlook for gold prices is bearish with the following notable technical levels. Support: 2,315 - 2,284USD Resistance: 2,345 - 2,365USD 🪙SELL XAUUSD | 2361 - 2359 ⚰️SL: 2365 ⬆️TP1: 2354 ⬆️TP2: 2349 🪙BUY XAUUSD | 2304 - 2306 ⚰️SL: 2300 ⬆️TP1: 2311 ⬆️TP2: 2316
OANDA:XAUUSD
by Xayah_trading
1
GOLD → Consolidation ahead of NFP. Rise to 2328 or fall to 2250?FX:XAUUSD decreases volatility, smoothly moving into a consolidation phase before the publication of NFP. The market structure is bearish and the overall fundamentals are negative. What should we wait for? Today is quite a busy news day, but all attention is focused on NFP. The gold market is locally bearish and set for further decline. Breakout of 2295 and price consolidation below this area will form a bearish potential. But on the news background anything can happen, like a shakeout to 2328 before a further fall to 2250, or an attempt to break the trend resistance.... Resistance levels: 2305, 2328, 2346 Support levels: 2295, 2280, 2267 Technically and fundamentally the market is weak and ready to conquer the lower liquidity zones, but there is news ahead. It is impossible to determine the movement in advance, but based on the general data, there is a probability to see the continuation of the decline. Regards R. Linda!
FX:XAUUSDShort
by RLinda
3
XAUUSD. Weekly trading levels 29.04.2024 - 3.05.2024During the week you can trade from these price levels. Finding the entry point into a trade is up to you, depending on your trading style and the development of the situation. If you expect any medium-term price movements, then most likely they will start from one of the zones. Levels are valid for a week, the date is in the title. The next morning I adjust the levels based on the new data and publish a new post. The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :) ---------------------------------------------- Levels are drawn based on volumes and data from CME. Used as areas of interest for trade. When approaching a level, a “reaction” is expected, which can be traded for both a rebound and a breakout. The worst option is if we revolve around the level in a flat. Do not reverse the market at every level; if there is a trend movement, consider it as an opportunity to enter into a continuation of the movement. Until the price has drawn a reversal pattern. Don’t forget to like Rocket and Subscribe!!!
FOREXCOM:XAUUSD
by Forex_Hoby
GOLD stabilizes above EMA21 supportOANDA:XAUUSD market could see more volatility next week on news from the Federal Reserve and is expected to signal that it will not be ready to cut interest rates in June. Although expectations of loosening policy by the US Federal Reserve are fading, gold prices have also increased about 17% since February this year. Gold's strong performance is linked to central bank buying, and volatile geopolitical tensions. New inflation data reinforces the view that high interest rates are here to stay for now. The Fed's preferred gauge of core inflation, U.S. PCE data rose 0.3% in March and rose 2.8% year-on-year, unchanged from the previous month. Figures from the beginning of this year were also adjusted slightly upward. Worrying inflation data for three straight months suggests progress towards the central bank's 2% target has stalled and suggests the first round of interest rate cuts will continue to be delayed. Investors are expecting one or two rate cuts this year starting in November, but concerns are growing that the Fed may not reduce borrowing costs by 2024. Fed policy decisions and US nonfarm data will be the macro focus next week Next Friday, the U.S. Bureau of Labor Statistics will release its April jobs report. If U.S. nonfarm payroll growth slows significantly to below 200,000, that could trigger a sell off the US Dollar and cause an immediate positive reaction to gold prices. If nonfarm payroll growth is stronger than expected, especially if wage inflation data is hot, that could increase market expectations that the Fed will not act in September and put gold on the back foot. under pressure to reduce prices. Even if the data does not have a significant impact on expectations for a June rate cut, it could still weigh on the dollar if investors favor a policy change in September. The Chicago Mercantile Exchange's FedWatch tool shows that the market expects the probability of the Fed keeping policy rates unchanged in September to be 42.6%. Investors should also pay attention to other data including US ADP and the Fed's Monetary Policy Decision due on Wednesday, and Jobless Claims on Thursday. Economic data to watch next week Tuesday: US consumer confidence index Wednesday: ADP nonfarm payrolls, ISM manufacturing PMI, JOLTS vacancies, Fed monetary policy decision Thursday: Weekly unemployment claims Friday: Nonfarm Payrolls (NDP), ISM Services PMI, US April Unemployment Rate Analysis of technical prospects for OANDA:XAUUSD Gold has recovered after a period of sudden correction, taking support from the EMA21 level and the 0.236% Fibonacci retracement. Note to readers in last week's weekly issue and currently gold is also active at The position is quite positive, above the EMA21 and above the technical level of 2,322USD. Maintaining activity above the EMA21 level opens up the possibility of gold continuing to recover with last week's target at $2,365 still not achieved. Currently, the gold price still has all the technical conditions for a possible increase in price with main support at EMA21 and the 0.236% Fibonacci retracement level. However, gold will also face the possibility of further declines once it breaks below the 0.236% Fibonacci level, the downside target level could then reach the upper edge of the price channel, more than the 0.382% Fibonacci retracement level. Therefore, if long, open long positions should be protected behind the 0.236% Fibonacci level. Gold has a technical outlook that favors the possibility of an increase in gold prices. The technical levels will be noted and listed as follows. Support: 2,322 – 2,310 – 2,300 – 2,284USD Resistance: 2,345 – 2,365USD 🪙SELL XAUUSD | 2361 - 2359 ⚰️SL: 2365 ⬆️TP1: 2354 ⬆️TP2: 2349 🪙BUY XAUUSD | 2304 - 2306 ⚰️SL: 2300 ⬆️TP1: 2311 ⬆️TP2: 2316
OANDA:XAUUSD
by Xayah_trading
GOLD → The bears are selling off all the growth. 2250 ahead?FX:XAUUSD is forming a range of 2328 - 2295. The market sold off all the excitement formed on the background of Powell's comments yesterday. A bearish market structure is forming on D1. The area of 2328 is keeping the price down and plays the role of a strong key resistance. The bears (sellers) are quite strong and continue to gain momentum. The price is testing the range support. There is a possibility of support breakout with the subsequent decline, but for this there should be either technical or fundamental reasons. There may be a pullback before the news. Ahead of Initial Jobless Claims, traders are waiting for a negative scenario against the dollar, if the data is below 212K, the gold may continue its decline, if the IJC is above 212K, the gold will head towards 2328. Resistance levels: 2305, 2328 Support levels: 2295, 2280, 2267 The market is bearish, the correction is ongoing and gaining momentum. The market maker aims to go down to liquidity zones. But ahead of Initial Jobless Claims and tomorrow NonFarm Payrolls. Regards R. Linda!
FX:XAUUSDShort
by RLinda
2