XAUUSD , after retesting resistance at 3347, is breaking through the key level, while bulls are trying to hold their ground above support. There is potential for growth to 3400.
Gold retreated from its weekly high of $3366 ahead of key US employment data (NFP), which could set a new direction for the movement. But technically, this looks like a correction to consolidate above the level before continuing to rise. After three days of growth, the price faced selling amid a recovery in the dollar and profit-taking. Weak employment data (especially below 100,000) could reinforce expectations of a Fed rate cut as early as July and support gold. Conversely, a strong report will strengthen the dollar and put pressure on the metal. The market is bracing for high volatility
Resistance levels: 3363, 3393, 3400
Support levels: 3347, 3336, 3311
The price has entered a new range of 3345-3400. Consolidation is forming above the support level before a possible rise. I do not rule out another retest of 3345-3336 (liquidity zone) before realization and a rally to 3400.
Best regards, R. Linda!
Note
NFP and other important news aheadThe market may be stagnant until then
However, the US market is closing early today due to holidays.
Low liquidity may lead to high volatility
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
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🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
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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
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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.