The recently released Nonfarm data has become an important catalyst, officially breaking the previous bearish wave structure and shaping a completely new uptrend for gold prices. Breaking above the wave 1 peak at the 3315 area is a clear confirmation signal that the downtrend has ended.
In that context, the trading strategy for next week should prioritize buying orders. This rally has the potential to push gold prices to historical peaks if the bullish momentum is maintained with stable trading volume.
Specific trading strategy:
Important support zone: 3333 – 3315
Short-term resistance zone: 3373 – 3416
In that context, the trading strategy for next week should prioritize buying orders. This rally has the potential to push gold prices to historical peaks if the bullish momentum is maintained with stable trading volume.
Specific trading strategy:
Important support zone: 3333 – 3315
Short-term resistance zone: 3373 – 3416
Trade active
Gold advances to fresh weekly highs around $3,350 after US NFPGold gains traction in the second half of the day on Friday and trades at its highest level in a week near $3,350. The sharp decline seen in the US Treasury bond yields allows XAU/USD to gather bullish momentum as markets reassess the Fed rate outlook after weak NFP data.
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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.