Moments ago, the US Non-Farm Payrolls surprised to the upside at 147K (vs 111K forecast), while the Unemployment Rate dropped to 4.1% (vs 4.3% expected).
This stronger-than-expected labor market data reinforces the idea that the Fed has no immediate reason to cut rates. As a result, the USD(
DXY) strengthened, and gold came under renewed selling pressure.
If the dollar momentum continues, Gold(
XAUUSD) may face further downside in the short term.
In terms of Technical Analysis, Gold fell below the Resistance zone($3,350-$3,326) again after the announcement of US indices and is currently moving near the Support lines and 50_SMA(Daily).
In terms of Elliott wave theory, it seems that Gold has completed 5 impulsive waves in the one-hour time frame, and we should now wait for corrective waves.
I expect Gold to fall again after the upward correction, and the Support zone($3,312-$3,290) could be the target.
Note: Stop Loss (SL) = $3,365
Gold Analyze (XAUUSD), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
This stronger-than-expected labor market data reinforces the idea that the Fed has no immediate reason to cut rates. As a result, the USD(
DXY) strengthened, and gold came under renewed selling pressure.If the dollar momentum continues, Gold(
XAUUSD) may face further downside in the short term.In terms of Technical Analysis, Gold fell below the Resistance zone($3,350-$3,326) again after the announcement of US indices and is currently moving near the Support lines and 50_SMA(Daily).
In terms of Elliott wave theory, it seems that Gold has completed 5 impulsive waves in the one-hour time frame, and we should now wait for corrective waves.
I expect Gold to fall again after the upward correction, and the Support zone($3,312-$3,290) could be the target.
Note: Stop Loss (SL) = $3,365
Gold Analyze (XAUUSD), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
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🎁Welcome than a 50% bonus(Low Spread)👉vtm.pro/Y3AV7r
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
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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.