XAUUSD | GOLDSPOT | New perspective | follow-up detailsFollowing the US Federal Reserve's dovish pivot, the market experienced a shift in sentiment when New York Federal Reserve President John Williams expressed reservations about rate cut expectations, emphasizing the central bank's commitment to maintaining inflation at its 2% target. This development led to a rebound in US Treasury bond yields, providing some optimism for the US Dollar.
As we navigate through crucial macroeconomic data, including the Fed meeting, the market is processing this information, with the upcoming week poised to influence the direction of price action as we approach the end of the year. It is anticipated that the trends observed over the past six weeks will likely continue to year-end, albeit at a more subdued pace.
XAUUSD Technical Analysis:
In this video, we dissected the XAUUSD chart from a technical standpoint, analyzed the key levels, analyzed historical price moves, market behaviors, and buyer-seller dynamics, and uncovered potential trading opportunities.
The $2,030 zone will be our center stage for this week. Its historical significance makes it a crucial point. If the bullish momentum is sustained then a continued buying pressure above this zone will serve as a platform for new highs. However, if price action stays below the $2,030 level and selling pressure persists below the zone, we could witness renewed selling pressure back into the demand zone at the $1,960 zone. Generally, Gold remains bullish following a strong rebound from $1,970 on Wednesday. The pair, however, needs to breach the $2,050 resistance area to confirm the bullish view.
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