Hello traders, from my perspective, XAUUSD is currently influenced by a mix of fundamental and technical factors. Fundamentally, both the JOLTS Job Openings and ADP Non-Farm reports came in weaker than expected, indicating a slowdown in the U.S. labor market. This usually puts pressure on the USD and provides upward momentum for gold. However, after a strong continuous rally, gold is showing signs of needing a short-term correction to rebalance the market.
XAUUSD has surged from 3,480 to the 3,539 area and is now approaching the key resistance level around 3,600. Price action has moved too far from the EMAs and is clinging tightly to the rising trendline, which often triggers short-term profit-taking pressure. The nearest support level sits at 3,500.
In the short term, a reasonable strategy is to look for sell opportunities around the 3,600 resistance zone, targeting a pullback toward 3,500. If this level fails to hold, the downside could extend to even lower levels.
Nevertheless, it’s important to note that the broader trend remains bullish; therefore, this decline should be viewed as a short-term correction before gold potentially regains momentum at stronger support areas.
XAUUSD has surged from 3,480 to the 3,539 area and is now approaching the key resistance level around 3,600. Price action has moved too far from the EMAs and is clinging tightly to the rising trendline, which often triggers short-term profit-taking pressure. The nearest support level sits at 3,500.
In the short term, a reasonable strategy is to look for sell opportunities around the 3,600 resistance zone, targeting a pullback toward 3,500. If this level fails to hold, the downside could extend to even lower levels.
Nevertheless, it’s important to note that the broader trend remains bullish; therefore, this decline should be viewed as a short-term correction before gold potentially regains momentum at stronger support areas.
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Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
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.