XAUUSD remains consolidated in the 3340-3391 range. The price is stuck in the middle of the range due to the uncertainty created by upcoming unemployment news...On Friday, gold rose slightly, remaining within the range ahead of important US employment data (NFP), which could set the direction for the market. Optimism over the US-China deal and profit-taking on the dollar are supporting the USD, holding back gold's rise. A weak NFP (less than 100,000) will reinforce expectations of a Fed rate cut and support gold. A strong report (above 200,000) will have the opposite effect. The probability of a rate cut in September is 54%.
Technically, on the daily timeframe, the market structure is bullish. After a sharp breakout of resistance and a new high, the price is consolidating above the upward trend line, forming a plateau in the 3300-3340 zone. Another shakeout from support is possible before the trend resumes
Resistance levels: 3375, 3391, 3414
Support levels: 3339, 3331
Forming a price forecast ahead of news, especially ahead of NFP, is a thankless task. Therefore, it is advisable to wait for the news and monitor the price reaction. A retest of the consolidation boundary and a rebound are possible. There is a chance that the price will remain in consolidation until next week, but again, it all depends on the fundamental background...
Best regards, R. Linda!
액티브 트레이드
GOLD is testing the liquidity and panic zone simultaneously.
If buyers manage to push the price above 3330-3340 at the opening of Monday's session, the metal will have a chance to grow.
If the price starts to update local lows, forming a ‘bos’, the correction may drag on and move into a trend reversal phase.
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